Downtrend channel of Gold to continue
Updated
Short-Day XAUUSD Trading Position on 1 Hr timeframe
Initial Take Profit: 2036 (return to the channel)
TP2: 2020 (Second Higher Low)
SL: 2051.5 (Breaking the daily structure)
Gold shows a descending channel pattern, where the price has been fluctuating between two parallels in a downtrend movement overall, downward-sloping trend lines. It is expected to continue the channel downward after the CPI news yesterday.
Traders should be cautious and monitor key levels of support and resistance, as well as any further bearish signals that may confirm this potential move.
I would be grateful to get your feedback on this idea if you have any opinions to share.
✽↝✔
Esteem your Analysis and seek improvements ⌁
AbdullahTech ♾
Initial Take Profit: 2036 (return to the channel)
TP2: 2020 (Second Higher Low)
SL: 2051.5 (Breaking the daily structure)
Gold shows a descending channel pattern, where the price has been fluctuating between two parallels in a downtrend movement overall, downward-sloping trend lines. It is expected to continue the channel downward after the CPI news yesterday.
Traders should be cautious and monitor key levels of support and resistance, as well as any further bearish signals that may confirm this potential move.
I would be grateful to get your feedback on this idea if you have any opinions to share.
✽↝✔
Esteem your Analysis and seek improvements ⌁
AbdullahTech ♾
Note
Correction: it is much better to have the SL above the previous pillar of the channel, which can be around 2064 down to 2056Note
on 2h chart, the prices shows a probability of going around 2060 before falling down again to the channel.Note
The Gold price is going to correction phase before having a clear target, either to complete the falling to the nearest big OrderBlock 2020, or to return rising upward until around 2080Trade closed manually
After the correction of Gold during the last week in today, it reached to the Golden zone of Fibonacci 0.6, which is very close to the upper-line of the yellow channel and exactly on the upper-line of the green descending channel. I closed the trade manually on profit at 2,032
AbdullahTech
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