XAUUSD 4hour Analysis October 17th, 2021
Gold Bearish idea
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bullish
Trade scenario 1: Higher timeframes point toward gold being very bearish and so does the rejection we just saw near our 1800.00 resistance level.
Two ways to enter short on gold from where price action is. Either enter short on the next lower high below 1800.00 or wait for a break and retest of 1765.00 with a lower high below.
Trade scenario 2: For us to consider gold bullish we would first need to see a break of resistance near 1800.00 with a higher low above.
Weekly Trend: Bearish
Daily Trend: Bearish
4Hour Trend: Bullish
Trade scenario 1: Higher timeframes point toward gold being very bearish and so does the rejection we just saw near our 1800.00 resistance level.
Two ways to enter short on gold from where price action is. Either enter short on the next lower high below 1800.00 or wait for a break and retest of 1765.00 with a lower high below.
Trade scenario 2: For us to consider gold bullish we would first need to see a break of resistance near 1800.00 with a higher low above.