Possible Short Position For XAUUSD at 1745.301

Price has been bouncing off a Rising Wedge and should hit a Minor Resistance at 1745.301 (Level (C) of the Elliot Wave)

We may get a bounce off at that level all the way down to the next level of Minor Support area at 1697.715 (Level (B) of the Elliot Wave)

At 1745.301 (Minor Resistance) area, we should be looking out for a Bearish Engulfing Candle or a Shooting Star to give confirmation to take that Short. Also expecting to see a Double Top on H4 at that same time also just for confirmation

DISCLAIMER
This is just for analysis purpose and it is not an investment advice to take any trade. It is just an insight to what may possibly occur.

Trade active

As we could see, price respected the channel (Rising Wedge) all way to the Minor resistance area at 1745.301, bounced off, and on its way down has broken out the support on the wedge.

Trade was entered at 1739.016 and we intend to ride it all the way down to the next support.

Nipri

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XAUUSD Possible Short

by Nipri

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