Short GOLD at supply zone

10 בספט׳ 2023

To begin with, XAUUSD is currently experiencing a downtrend on the daily chart (D1), marked by both the CHoCH and the BoS. If we narrow our focus to the 4-hour chart (H4), we can identify a region of high supply in the premium area. Therefore, it is advisable to verify two additional conditions before entering a trade: ensure that the Relative Strength Index (RSI) shows divergence, and confirm that the Stochastic Oscillator (STOCH) is in the overbought territory.