Short
XAUUSD POSSIBLE h&S SCENARIO!
After the Gold rally to THE previous ATH 2070 because of Russia-Ukraine crisis, price now seems lacking of momentum.
After the price reached ATH, we saw a massive sell off (-9%) price reversed back up from 1890 but didn't manage to print a new higher high above the ATH mark giving us a potential change in bias.
One should keep an eye on global macro exonomics situation besides technicals, I personally will wait for price at 1960 and see if fundamentals are compatible with my shorting idea. This setup gives me at least 1:6 RRR which is insane.
After the price reached ATH, we saw a massive sell off (-9%) price reversed back up from 1890 but didn't manage to print a new higher high above the ATH mark giving us a potential change in bias.
One should keep an eye on global macro exonomics situation besides technicals, I personally will wait for price at 1960 and see if fundamentals are compatible with my shorting idea. This setup gives me at least 1:6 RRR which is insane.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.