XAUUSD - Reason for Monday SELL
1 - price hit supply area, but not strong enough to reverse completely. we observe double bottom. price goes up.
2 - price hit another supply area and we saw a huge rejection wick which suggests its strength to reverse bias (going bearish)
3 - we see a bearish breakout
4 - price creates a lower low. we can also see QML pattern. High > Higher High / Low > Lower Low
5 - price closed on Friday with a huge bearish rejection. price also hits the trendline (black); price is on the fibonacci golden zone; price hits supply area (red). Therefore personally my bias for Monday is a SELL.
Disclaimer: this is not a financial advise.
2 - price hit another supply area and we saw a huge rejection wick which suggests its strength to reverse bias (going bearish)
3 - we see a bearish breakout
4 - price creates a lower low. we can also see QML pattern. High > Higher High / Low > Lower Low
5 - price closed on Friday with a huge bearish rejection. price also hits the trendline (black); price is on the fibonacci golden zone; price hits supply area (red). Therefore personally my bias for Monday is a SELL.
Disclaimer: this is not a financial advise.
Disclaimer
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