GOLD IS AT THE SELLERS AREA, DROPS EXPECTED !
XAUUSD is now at the resistance area of the Ascending Channel.
From the past couple of days, the market respected the resistance trendline.
XAUUSD solid gain on Monday on extremely low trading volume ahead of the holiday season, with lingering concerns about the health of major global economies driving demand for the precious metal.
This is a holiday season, so we can expect a weakening of the trend.
So sellers may be entering in this area, If the buyers are able to break this trend line, then we can expect an ATH on the XAUUSD.
XAUUSD D1
For Entry Reason, I was waiting for any kind of pinbar, Shooting star or any reversal candlesticks pattern in H1.
Stoploss would be 1 ATR from the swing High.
Target 1480.23
If you like my trading ideas, then don't forget to hit the like. Follow me for future updates.
DISCLAIMER:
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
From the past couple of days, the market respected the resistance trendline.
XAUUSD solid gain on Monday on extremely low trading volume ahead of the holiday season, with lingering concerns about the health of major global economies driving demand for the precious metal.
This is a holiday season, so we can expect a weakening of the trend.
So sellers may be entering in this area, If the buyers are able to break this trend line, then we can expect an ATH on the XAUUSD.
XAUUSD D1
For Entry Reason, I was waiting for any kind of pinbar, Shooting star or any reversal candlesticks pattern in H1.
Stoploss would be 1 ATR from the swing High.
Target 1480.23
If you like my trading ideas, then don't forget to hit the like. Follow me for future updates.
DISCLAIMER:
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
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Still, i was looking for Day closure, if it closes below our channel, then the idea is valid, if it closes above, then the idea is invalid.