XAUUSD Short
Updated
Reasons for bearish bias:
-Break below daily bullish trendline
-Price sideways inside consolidation
-Double top pattern formed at key level
-Multiple rejections at 1947 level, which is also previous key resistance level
-DXY uptrending
Confirmations to look for:
-Break of local bullish trendline
-Break of 1937 level to below & retest of that level
-Trade is invalid if price breaks above consolidation and/or stays above bullish trendline!
This is just idea, not trading advice, use at own risk.
-Break below daily bullish trendline
-Price sideways inside consolidation
-Double top pattern formed at key level
-Multiple rejections at 1947 level, which is also previous key resistance level
-DXY uptrending
Confirmations to look for:
-Break of local bullish trendline
-Break of 1937 level to below & retest of that level
-Trade is invalid if price breaks above consolidation and/or stays above bullish trendline!
This is just idea, not trading advice, use at own risk.
Note
Hourly candle break above key level 1947 & consolidation & EMA50 & local bullish trendline with huge bullish momentum, so there was no entry at retest & rejection of resistance level 1947. Bias changed to bullish. Confirmations to look for:
-Retest & rejection of previous resistance turned to support at 1947 level
and/or
-Retest & rejection of local bullish trendline
Bias may change back to bearish if price returns to consolidation zone & below key level with new retest & rejection from above.
Disclaimer
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