XAUUSD 1hr breakdown
This is on a higher timeframe so it will take time for the positions to play out if this is accurate. There is always a chance that the market can continue in the opposite direction but in the current state, trading based off of what I see, there has been a clear break and retest on a major trend line. I always look for major support and once support is broken, I look for a break and retest (1) of the trend line (vertical) THEN (2) a break and retest of the same level (horizontal). These occur within the top or bottom of the original trend change. Once the trend change is solidified, you're looking for the same to occur within the next trend.
Notes:
A trend line is a trend line. If the first two points of the trend line are at a wide angle, more than 45 degrees (can be changed within trend line settings) the move will likely be impulsive and significant. Trade accordingly. Look for higher highs and lower lows or lower highs and lower lows on a lower timeframe while keeping the original overall trend in mind. It's a trend within a trend,and the market is composed of trends.
Read a chart from left to right, not up and down. Trend lines are helpful but look at the trends in comparison with different levels (price). If price hits a significant number, which for a pair like XAUUSD or Gold could be an even number, look for a reversal. If price pushes through that level, look at the overall trend and consider whether price is dropping to reach a previous trend line.
Overall, I have XAUUSD as a sell for the week considering the current market structure, recent impulsive moves, and the current direction towards another trend line. Consider how other USD-led pairs are moving and what direction they seem to going in. Gold will move the opposite of the dollar unless there is divergence, typically.
Notes:
A trend line is a trend line. If the first two points of the trend line are at a wide angle, more than 45 degrees (can be changed within trend line settings) the move will likely be impulsive and significant. Trade accordingly. Look for higher highs and lower lows or lower highs and lower lows on a lower timeframe while keeping the original overall trend in mind. It's a trend within a trend,and the market is composed of trends.
Read a chart from left to right, not up and down. Trend lines are helpful but look at the trends in comparison with different levels (price). If price hits a significant number, which for a pair like XAUUSD or Gold could be an even number, look for a reversal. If price pushes through that level, look at the overall trend and consider whether price is dropping to reach a previous trend line.
Overall, I have XAUUSD as a sell for the week considering the current market structure, recent impulsive moves, and the current direction towards another trend line. Consider how other USD-led pairs are moving and what direction they seem to going in. Gold will move the opposite of the dollar unless there is divergence, typically.
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