XAUUSD - Reversal spotted
Alright guys, we have come across something very interesting on our favorite metal. Today a few of the technical perspectives that I want to highlight are as follow:
1- First of all, I would like to warn you that it is a long term signal but you can trade it on intraday basis looking entries in the major direction
2- We have spotted a major inverted cup and handle pattern which marks a major reversal targeting lower range
3- Daily marked a falling three methods pattern guiding about the short entry level at 1860 and stop loss at 1890
4- We marked a higher low and a lower high on weekly at 1959 and 1614 respectively (Monthly has yet to confirm this as February, 23 ends)
5- Strong weekly rejection candle ($100 rejection from top)
It is the start of a bear market, so you can also plan your long term trades!
Best of luck and happy trading! :-)
1- First of all, I would like to warn you that it is a long term signal but you can trade it on intraday basis looking entries in the major direction
2- We have spotted a major inverted cup and handle pattern which marks a major reversal targeting lower range
3- Daily marked a falling three methods pattern guiding about the short entry level at 1860 and stop loss at 1890
4- We marked a higher low and a lower high on weekly at 1959 and 1614 respectively (Monthly has yet to confirm this as February, 23 ends)
5- Strong weekly rejection candle ($100 rejection from top)
It is the start of a bear market, so you can also plan your long term trades!
Best of luck and happy trading! :-)
Trade closed: target reached
Target 1 hit, if we close daily below it today, we will sell again or wait for a possible correction upwards and enter later with lower breakoutTrade active
1830 broken, possibly heading for 1791-1806 range
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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.
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.