Xauusdforex
XAUUSD LongUnfortunately, last analysis hit our stop loss.
The price touched the upper trendline, formed a bull trap and I was stopped out. The price continued with the bearish momentum, filling in the imbalance formed by this commodity around 28th September.
Currently, the price has been forming a bearish flag/ channel (lower time frames) of which I anticipate that the price might be building a bullish momentum. If the price breaks out of the highlighted zone (around 1640) and retests it, I will have my entry @ 1645. If not, then I will wait for the price to form a suitable bearish entry.
My target will be @ 1645, Tp1 @ 1660, Tp2 @ 1675 and Tp3 @ 1690. The Sl is @ 1630.
My R: R is 1: 4.
Remember, risk only 1-2 % of your account.
XAUUSD ShortTime Frame: 4H
Symbol: XAUUSD
Entry: 1729.702
TP: 1700.869
SL: 1752.641
Bias: Short
For gold our priority is for availing a selling opportunity. The current price level is not yet strong enough to jump upward with enough momentum to drive the level to a profit area and therefore our bias remains bearish.