Trade is purely based on the technicals that have aligned in the market. USD continues its strength in move with a partial pullback in price. We are at a strong technical level with gold. Prices can rise to $1800 and consolidate above this level or we can see price complete a bearish fake out and continue dollar strength.
Sell XAUUSD $1803.50 SL $1805.525 TP1 1796.65 TP2 1788.75
Confluence Details:
1. Higher timeframe details strength in a downtrend
2. Lower timeframe can see HH and HL created with a final HH above $1801.31 as 3-leg extension completion. This will also complete a bearish fakeout.
3. $1803.50 is a liquidity zone as seen per previous structural levels
4. There's also confluence at $1803.50 with H1 0.5 Fib Retracement Level and 1.272 Fib Extension Level
5. Prices have shown resistance at $1800.00. We can see price breach this level for a liquidity grab before pushing prices further downwards to continue the overall downtrend. As a result, this is a good risk-reward opportunity identified.
Important Note: Only risk 1-2% per trade. Happy Trading!
Sell XAUUSD $1803.50 SL $1805.525 TP1 1796.65 TP2 1788.75
Confluence Details:
1. Higher timeframe details strength in a downtrend
2. Lower timeframe can see HH and HL created with a final HH above $1801.31 as 3-leg extension completion. This will also complete a bearish fakeout.
3. $1803.50 is a liquidity zone as seen per previous structural levels
4. There's also confluence at $1803.50 with H1 0.5 Fib Retracement Level and 1.272 Fib Extension Level
5. Prices have shown resistance at $1800.00. We can see price breach this level for a liquidity grab before pushing prices further downwards to continue the overall downtrend. As a result, this is a good risk-reward opportunity identified.
Important Note: Only risk 1-2% per trade. Happy Trading!