Gold Shorts Trying To Exert Their Muscle On Hourly

28 ביוני 2021

XAUUSD is in the bearish area as per the daily chart on the left. The hourly on the right: gold bears are trying to push price down and the EMAs have crossed bearishly in this regard. However, we note the previous candle has a buying tail, indicating that the bears are fighting support at current levels. Angle and separation to the downside by the EMAs and a bearish stochastic cross potentially align short-term traders with the daily. If signals occur, movement of stochastic to 20 level and maintenance of that level increase chance of a successful trade. Trend following indicators may be useful in this case as a potential exit tool. Stop above hourly high in conjunction with risk management techniques.