XAUUSD Reversal Pattern?
As you see in the 1H time frame, price is struggling to break the red resistance zone but it has been rejected twice in the past.
Currently, price is between the resistance and support area. It seems like it is making a bearish reversal triple top pattern.
We can see bears are getting stronger and bullish candles are getting weak with long upped rejections.
If price breaks the neckline zone (yellow support area around 1811) and closes a strong bearish candle below this zone, we can expect a reversal move and a drop on XAUUSD to the green levels at 1806.50 and 1800.
Currently, price is between the resistance and support area. It seems like it is making a bearish reversal triple top pattern.
We can see bears are getting stronger and bullish candles are getting weak with long upped rejections.
If price breaks the neckline zone (yellow support area around 1811) and closes a strong bearish candle below this zone, we can expect a reversal move and a drop on XAUUSD to the green levels at 1806.50 and 1800.
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