XAU/USD lets take a look on this chart by price action method
Hi Guys
Today Im gonna tell you the condition of the Gold in the Daily timeframe by the Brooks Price Action method.
First of all, we can see that the 2 leg spike structure is made and after that, we can see the channel cycle is created. when the channel breaks from the bottom, we wait for a nice trading range.
Second, when the trading range is made, the top of that is the breaking point of the channel and the bottom of that is the flag of the spike (2-leg structure). and now we are near the top of the trading range so we can expect a downtrend for gold.
Third, we have the uptrend weekly trendline that supports the price and we can see the trend is bullish in the weekly timeframe.
At last, we can say that gold may retrace to the bottom of the trading range but in the weekly timeframe is bullish.
Sincerely
Hosein Poursaei
Today Im gonna tell you the condition of the Gold in the Daily timeframe by the Brooks Price Action method.
First of all, we can see that the 2 leg spike structure is made and after that, we can see the channel cycle is created. when the channel breaks from the bottom, we wait for a nice trading range.
Second, when the trading range is made, the top of that is the breaking point of the channel and the bottom of that is the flag of the spike (2-leg structure). and now we are near the top of the trading range so we can expect a downtrend for gold.
Third, we have the uptrend weekly trendline that supports the price and we can see the trend is bullish in the weekly timeframe.
At last, we can say that gold may retrace to the bottom of the trading range but in the weekly timeframe is bullish.
Sincerely
Hosein Poursaei