XAUUSD Update: Quick scalp for Short then Rebound from Support!!
At the moment we can see the 0.382 Fib level establishing itself as a formidable resistance level, with a rejection at this area by XAUUSD bringing it down to the 0.236 Fib level, where some consolidation might occur here before continuing its downward journey to the WHITE main support line @ 1695 area.
On the whole, we can see clearly from the H4 Time frame the formation of a descending triangular wedge, with the green line as the top.
Our opportunities for the next few days, to watch for:
- QUICK SCALP SHORT to the bottom, taking profit before the white support line @ 1695
- Watch for reversal confirmation at the white support line, an H1 or H4 bullish reversal pattern, before a BUY entry with target @ 0.382 Fib level @ 1718 for retest again
- It is possible XAUUSD rebound might not get past 0.382 Fib, but if it does, we aim for BUY TARGET 2 @ 0.5 Fib level which coincides with the top of the triangle wedge at 1727. I expect this level to post a formidable resistance for GOLD SPOT XAUUSD to overcome.
Economic sentiment is rapidly going towards the bull side, I would expect some drop in gold prices in the short term at least!
As always, feel free to like and follow if you enjoyed my post!
Best Regards,
GOLD D ROGER
On the whole, we can see clearly from the H4 Time frame the formation of a descending triangular wedge, with the green line as the top.
Our opportunities for the next few days, to watch for:
- QUICK SCALP SHORT to the bottom, taking profit before the white support line @ 1695
- Watch for reversal confirmation at the white support line, an H1 or H4 bullish reversal pattern, before a BUY entry with target @ 0.382 Fib level @ 1718 for retest again
- It is possible XAUUSD rebound might not get past 0.382 Fib, but if it does, we aim for BUY TARGET 2 @ 0.5 Fib level which coincides with the top of the triangle wedge at 1727. I expect this level to post a formidable resistance for GOLD SPOT XAUUSD to overcome.
Economic sentiment is rapidly going towards the bull side, I would expect some drop in gold prices in the short term at least!
As always, feel free to like and follow if you enjoyed my post!
Best Regards,
GOLD D ROGER
