XAU/USD Lately
Updated
1) Significant touches at the trendline
2) During the retest for the trendline, Gold starts entering consolidations.
3) The green consolidations showed a lower breakout.
4) The purple consolidation showed a top price breakout even further above the trendline
5) Price managed to fall back under the trednline entering another consolidation (the red box).
6) A clean top breakout fom the red consolidation wouldn't have much significance unless the price attempts to break above the trendline again as we can expect a retest at the trendline soon as the prior market showed us.
7) A bearish pattern at the touch of the trendline would be a good sign that Gold might continue its downtrend or even sink lower.
8) A bullish pattern at the retest of the trendline would possible be a Long Entry.
2) During the retest for the trendline, Gold starts entering consolidations.
3) The green consolidations showed a lower breakout.
4) The purple consolidation showed a top price breakout even further above the trendline
5) Price managed to fall back under the trednline entering another consolidation (the red box).
6) A clean top breakout fom the red consolidation wouldn't have much significance unless the price attempts to break above the trendline again as we can expect a retest at the trendline soon as the prior market showed us.
7) A bearish pattern at the touch of the trendline would be a good sign that Gold might continue its downtrend or even sink lower.
8) A bullish pattern at the retest of the trendline would possible be a Long Entry.
Note
The ADX shows a weak trend strength, hence why we can see Gold consolidate for a little longer.Note
The bottom of the red consolidation will be my entry trigger. If the price breaks lower than it, then I am shorting Gold till the next support levels 1668 & 1640Note
Bullish candle broke above the the consolidation and even above the strong resistance and even above the trendline.Note
I longed Gold at 1696. The current price is 1698. I set my SL at breakeven. My TP is open. If this is a clean breakout we can expect a retrecament move up to 1715-1740Note
If i hit Breakeven I will reassess for a better entry.Note
trade is running 190 pips so far. current gold price is 1715Note
Although i forgot to mention that gold price did reach 1720Note
Price entered a consolidation/ranging phase overnight. Current price: 1720
Note
I closed TP 1 at 1715, 1725, and ,my next Profit Target is 1731, and 1745. Needless to remind whoever took this trade to set their SL at breakeven🙏Note
TP hit 1731✅Note
Final updates:TP 1 hit 1715, 190 PIPs ✅
TP 2 hit 1731, 350 PIPs ✅
TP 3 hit Break Even
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Hey guys,
If you were able to make profit form this trade idea, dont forget to agree with it, and follow me for future trade setups. Thank you.
Looking forward to sharing more trades.
Yours Truly,
FXwabz
Sniper Mindset
Trade closed: target reached
Predictions fulfilled. Gold hits 1745 and higher.Don't forget to agree, comment, and follow :D
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