On the 60min timeframe, OANDA:XAUUSD is making a small flag for a tiny bit more upside which will complete a minor flat pattern. If you decide to take this trade, take profit as it will be extremely short lived. Right after that, in fact, we are expecting a downside movement which to us is a far more interesting opportunity. From this moment on therefore, we will be looking for sell setups, on GOLD .
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Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
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