XAU/USD: An upcoming strong movement!
What’s up guys and welcome to my profile, my name is Gianni and today I’m going to analyse the XAU/USD, trying to translate the market information with a full technical analysis on different time frames perspectives.
For a better understanding of my long BIAS, let’s have a quick look on the monthly timeframe:
After a strong bullish impulse during the 2020, the market started consolidating forming an interesting symmetrical triangle pattern.
In November, the last second candle showed an equilibrium between the bearish and bullish pressure ( see the small red candle with a huge shadow).
The price is currently retesting a strong support zone with a possibility to see a trend continuation, in a long term.
Switching to the weekly timeframe:
The price is respecting the dynamic trendline of this triangle pattern.
Overall we could aspect more consolidation before a breakout!
Let’s see what is going on in the daily timeframe:
As you can see in the picture, the price is consolidating around the 0.50% and 0.618% of Fibonacci retracement, a typical area where the price get a breath after a strong impulse.
Finally back to the 4h timeframe:
The price is just retesting the support zone and the dynamic trendline. Overall it’s making new HHs and HLs and before to plan my long position on this market, I will be waiting for a bullish price action with a RRR 1:2 or greater.
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
For a better understanding of my long BIAS, let’s have a quick look on the monthly timeframe:
After a strong bullish impulse during the 2020, the market started consolidating forming an interesting symmetrical triangle pattern.
In November, the last second candle showed an equilibrium between the bearish and bullish pressure ( see the small red candle with a huge shadow).
The price is currently retesting a strong support zone with a possibility to see a trend continuation, in a long term.
Switching to the weekly timeframe:
The price is respecting the dynamic trendline of this triangle pattern.
Overall we could aspect more consolidation before a breakout!
Let’s see what is going on in the daily timeframe:
As you can see in the picture, the price is consolidating around the 0.50% and 0.618% of Fibonacci retracement, a typical area where the price get a breath after a strong impulse.
Finally back to the 4h timeframe:
The price is just retesting the support zone and the dynamic trendline. Overall it’s making new HHs and HLs and before to plan my long position on this market, I will be waiting for a bullish price action with a RRR 1:2 or greater.
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
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.