XAUUSD H4 | Bearish divergence ?
Looking at the H4 chart, we can see that the price has recently reversed from our sell entry point of 2047, which was a key swing high resistance level. In order to manage potential losses, we have placed our stop loss at 2070, which is also a significant swing high resistance level.
In terms of potential profit, we have set our take profit at 2007, which aligns with the 50% Fibonacci retracement level. This level is a pullback support level and has shown strength in holding the price up in the past.
It's worth noting that bearish divergence is also present on the chart, which could indicate potential downtrends
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In terms of potential profit, we have set our take profit at 2007, which aligns with the 50% Fibonacci retracement level. This level is a pullback support level and has shown strength in holding the price up in the past.
It's worth noting that bearish divergence is also present on the chart, which could indicate potential downtrends
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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