💡 XAUUSD: Analysis December 21
Updated
Gold D1 decreased yesterday, but the price bar had a narrow range so it did not show strong downward pressure. Yesterday's D1 bar fell inside the previous D1 bar to create an inside bar model, showing cumulative price compression. The main structure is still the larger inside bar model in D1, so we have a double inside bar, showing deep price compression, easily leading to an explosive period of large price fluctuations. Gold D1 is moving sideways, more inclined to the uptrend.
H1 gold is adjusting down in the downward sloping price channel, after the recent price increase. The chart structure is still more bullish in H1. The trading idea for H1 gold today continues to be buying, including buying from the trend line below, or buying deeper.
H1 gold is adjusting down in the downward sloping price channel, after the recent price increase. The chart structure is still more bullish in H1. The trading idea for H1 gold today continues to be buying, including buying from the trend line below, or buying deeper.
Note
Even though gold is on large frames like the daily frame and above, you can see the price scanning the previous peak and turning down, but it hasn't really formed any viable sell signal for us, more so on low time frames. Like H4 and H1, the trend has not changed from increase to decrease, so it can be said that at this time there is not enough basis to sell.
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