Looks Like It!
Actualizado
The relations between XAUUSD and the stock market is almost reciprocal; When one is going up, the other is going down. Due to terrible global geopolitics and economics, the stock market has not moved since the beginning of 2018 (just 3.10% up). Meanwhile, XAUUSD has rallied from ~1,300 to ~1,500, a 15% increase, but I think that is about to change...
Just recently, XAUUSD tested the 1,500 level after 6 years. Even though it was traded above this level for a few days, it eventually pushed lower. After testing the 1,500 level for a couple of times and failing to hold above, the price has now formed a Complex Head and Shoulder. This pattern takes longer to develop and when it does, it reverses the direction of the price from upward to downward. The breakout occurs when the price closes below the neckline. After a breakout, there is usually a throwback to either the neckline or the swing highs of the pattern. The bearish momentum is predominant in XAUUSD. On 24th, MACD flashed a continuation signal for the previous sell signal. As mentioned, there is also a good possiblity that this continuation signal is inaccurate; We will have short-term upward move if this continuation signal is taken away by a buy signal. Safe trading advise, get in short when the price closes below the neckline.
For now, I have a short position in XAUUSD which I opened well above the 1,500 level. So far so good, but I will scale in if the circumstance permits. If this analysis helped, please consider supporting the page by liking, sharing, and following...
Cheers!
Just recently, XAUUSD tested the 1,500 level after 6 years. Even though it was traded above this level for a few days, it eventually pushed lower. After testing the 1,500 level for a couple of times and failing to hold above, the price has now formed a Complex Head and Shoulder. This pattern takes longer to develop and when it does, it reverses the direction of the price from upward to downward. The breakout occurs when the price closes below the neckline. After a breakout, there is usually a throwback to either the neckline or the swing highs of the pattern. The bearish momentum is predominant in XAUUSD. On 24th, MACD flashed a continuation signal for the previous sell signal. As mentioned, there is also a good possiblity that this continuation signal is inaccurate; We will have short-term upward move if this continuation signal is taken away by a buy signal. Safe trading advise, get in short when the price closes below the neckline.
For now, I have a short position in XAUUSD which I opened well above the 1,500 level. So far so good, but I will scale in if the circumstance permits. If this analysis helped, please consider supporting the page by liking, sharing, and following...
Cheers!
Operación activa
Nota
So far so good; Just keeping an eye on 1450.00 - 1455.00 price level.
Operación cerrada: objetivo alcanzado
Happy with the trade; Closing the position.Entry @ 1509.10
Exit @ 1460.12
Profit 3.35%
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