XAUUSD / GOLD Short biased on the following basis:
1. Downtrend: LH and LL
According to the DOW theory gold is making LL and LH which means the price is continuously moving down.
2. Shooting Star
Candle Stick a shooting star indicates the downfall in price as well.
3. Parallel Channel Resistance
The price is moving in a descending parallel channel and now the candle is formed at the resistance line of the channel.
4. Resistance at 4hr
Along with the parallel channel resistance, there is also a 1hr resistance level near the entry point.
5. Priced has retrace around 0.618 fib levels of the previous rally now it will continue to move downwards
All of the above points are in indicating the price will go further down from here.
1. Downtrend: LH and LL
According to the DOW theory gold is making LL and LH which means the price is continuously moving down.
2. Shooting Star
Candle Stick a shooting star indicates the downfall in price as well.
3. Parallel Channel Resistance
The price is moving in a descending parallel channel and now the candle is formed at the resistance line of the channel.
4. Resistance at 4hr
Along with the parallel channel resistance, there is also a 1hr resistance level near the entry point.
5. Priced has retrace around 0.618 fib levels of the previous rally now it will continue to move downwards
All of the above points are in indicating the price will go further down from here.