XAUUSD 5/5/21
Gold Bias
Reasons for longs
Daily: Price is still in a bullish trend seems to have
formed a double top though with rsi divergence
really struggling to break and close above
resistance level moving averages are still below
price indicating could be more buying pressure
H4: Price is very choppy one thing I like is how
price has come back to support where it has
been indecisive many times showing that there
is strong buying pressure at this level even has
formed a double bottom along with .786 on fibs
H1: looking for a Break and retest of minor
resistance level before taking a long position
if minor resistance is broken and holds as a
level of support and I get a clear buy signal
longs will be my desired trade low risk % as
market is very choppy
Reasons for longs
Daily: Price is still in a bullish trend seems to have
formed a double top though with rsi divergence
really struggling to break and close above
resistance level moving averages are still below
price indicating could be more buying pressure
H4: Price is very choppy one thing I like is how
price has come back to support where it has
been indecisive many times showing that there
is strong buying pressure at this level even has
formed a double bottom along with .786 on fibs
H1: looking for a Break and retest of minor
resistance level before taking a long position
if minor resistance is broken and holds as a
level of support and I get a clear buy signal
longs will be my desired trade low risk % as
market is very choppy
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