XAUUSD 4H Idea
XAUUSD has been moving slowly to the downside after the pullback ever since it created it's lower low of 1450. Yesterday, the support level of 1465 had been tested multiple times before price moved down to 1455. However, it was not able to bolster further down to make a new lower low.
At this point, XAUUSD has been creating a bearish channel on the 4H time frame. However, we could also assume that XAUUSD will retest back to 1480-1496 or 1508.186 (Fib 23.6% 4H). If price moves and breaks the mentioned zones, it could retest to 1545 (Fib 38.2% 4H) before making its way back down to create a new lower low.
I would scalp XAUUSD at lower time frames at this point before the US Market opens again where the price of XAUUSD seems to be respecting shorter time frame channels.
At this point, XAUUSD has been creating a bearish channel on the 4H time frame. However, we could also assume that XAUUSD will retest back to 1480-1496 or 1508.186 (Fib 23.6% 4H). If price moves and breaks the mentioned zones, it could retest to 1545 (Fib 38.2% 4H) before making its way back down to create a new lower low.
I would scalp XAUUSD at lower time frames at this point before the US Market opens again where the price of XAUUSD seems to be respecting shorter time frame channels.
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