Hey everyone, Skeptic here! After checking out the market today, I’m zeroing in on XAU/USD (Gold) for some prime short opportunities. 😊 Let’s dive into the charts and unpack why this could be a sweet setup. We’ll start with the Daily Timeframe to get the big picture. 📊
Daily Timeframe: The Big Picture
Gold’s been riding a strong major uptrend, but we’re now in a corrective phase. Here’s what’s going on:
Trend Context: We’ve had a robust bullish trend, with weak corrections and sharp, high-momentum rallies.
Double Top Formation: A double top formed, and after breaking its neckline, we’ve entered a secondary corrective trend.
Key Levels:
Bullish Continuation: A break above the ceiling at 3416.19 confirms the major uptrend’s continuation.
Deeper Correction: A break below support at 3126.75 could push us down to 3019.98.
Recent Candles: They’re getting smaller and tighter, signaling market indecision. The next few days could define Gold’s direction—up or down.
This compression means we need to be ready for a breakout in either direction. Let’s zoom into the 4-Hour Timeframe to find our long and short triggers and understand why this tightness matters.
4-Hour Timeframe: Long & Short Setups
After the first corrective wave hit the 3126.75 support, we’ve entered a continuation triangle pattern. Here’s the plan:
Short Setup:
Long Setup:
💬 Let’s Talk!
If this analysis sparked some ideas, give it a quick boost—it really helps! 😊 Got a pair or setup you want me to dive into next? Drop it in the comments, and I’ll tackle it. Thanks for joining me—see you in the next one. Keep trading smart! ✌️
Daily Timeframe: The Big Picture
Gold’s been riding a strong major uptrend, but we’re now in a corrective phase. Here’s what’s going on:
Trend Context: We’ve had a robust bullish trend, with weak corrections and sharp, high-momentum rallies.
Double Top Formation: A double top formed, and after breaking its neckline, we’ve entered a secondary corrective trend.
Key Levels:
Bullish Continuation: A break above the ceiling at 3416.19 confirms the major uptrend’s continuation.
Deeper Correction: A break below support at 3126.75 could push us down to 3019.98.
Recent Candles: They’re getting smaller and tighter, signaling market indecision. The next few days could define Gold’s direction—up or down.
This compression means we need to be ready for a breakout in either direction. Let’s zoom into the 4-Hour Timeframe to find our long and short triggers and understand why this tightness matters.
4-Hour Timeframe: Long & Short Setups
After the first corrective wave hit the 3126.75 support, we’ve entered a continuation triangle pattern. Here’s the plan:
Short Setup:
- Trigger: A break below the triangle’s floor at 3206.32 is a solid short opportunity.
- Why It Works: This is a continuation pattern, so no extra confirmation is needed—price action leads the way.
- Outlook: Red candles have shown more strength than green ones, and the pattern supports bearish momentum from the prior wave, making a downward break more likely.
Long Setup:
- Trigger: Wait for a break above the resistance at 3249.68.
- Confirmation: Look for support from RSI or SMA to boost confidence.
- Risk Management: Keep position risk low, as the bearish momentum is stronger right now.
- My Take: I’m leaning toward a bearish move due to stronger red candles and the pattern’s bearish bias. For shorts, use reasonable risk, but for longs, tighten your risk to stay safe. 😎
💬 Let’s Talk!
If this analysis sparked some ideas, give it a quick boost—it really helps! 😊 Got a pair or setup you want me to dive into next? Drop it in the comments, and I’ll tackle it. Thanks for joining me—see you in the next one. Keep trading smart! ✌️
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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.
Related publications
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.