XAU/USD - Bullish Cypher
Updated
We're looking at another cypher pattern but this time on the 4h chart with XAU/USD, this is an excellent long opportunity with 1:2 risk to reward... Don't miss out on this one!
The D point forms at a major level of support, I'm expecting price to stall out on this level... This could be a pullback before continuing the bigger picture.
The measurements for a valid cypher are detailed below.
B: 0.382 - 0.618
C: 1.272 - 1.414
X to D: 0.786
I'd like to thank tradingview.com/u/P.Hayden/ for spotting this pattern and giving me the heads up!
The D point forms at a major level of support, I'm expecting price to stall out on this level... This could be a pullback before continuing the bigger picture.
The measurements for a valid cypher are detailed below.
B: 0.382 - 0.618
C: 1.272 - 1.414
X to D: 0.786
I'd like to thank tradingview.com/u/P.Hayden/ for spotting this pattern and giving me the heads up!
Note
Price has now reached the PRZ, I'm holding off on a long position until I see solid confirmation.At the moment I am still short from around $1248 (chart shown below), the cypher pattern could be a pullback before continuing the bigger picture.
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