Gold - Real gold is not afraid of the melting pot ๐ช
Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
As per my last picture and video analysis (attached on the chart), we have been looking for buy setups around the lower bound of the channel.
This week, XAUUSD rejected the lower blue trendline and round number 1800, and traded higher.
However, it is currently approaching the upper bound of the channel.
Moreover, the zone 1900.0 is a previous major low and round number.
๐น So the highlighted blue circle is a strong area to look for trend-following sell setups as it is the intersection of the orange previous major low and upper blue trendline acting as a non-horizontal resistance.
As per my trading style:
As XAUUSD approaches the lower blue circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
๐ Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
As per my last picture and video analysis (attached on the chart), we have been looking for buy setups around the lower bound of the channel.
This week, XAUUSD rejected the lower blue trendline and round number 1800, and traded higher.
However, it is currently approaching the upper bound of the channel.
Moreover, the zone 1900.0 is a previous major low and round number.
๐น So the highlighted blue circle is a strong area to look for trend-following sell setups as it is the intersection of the orange previous major low and upper blue trendline acting as a non-horizontal resistance.
As per my trading style:
As XAUUSD approaches the lower blue circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
๐ Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich