XAUUSD Bearish channel with long entry!

9 Agu 2023

In this analysis, we have gold displaying signs of weakness, as indicated by this bearish channel originating from the 1980 level. Additionally, decreasing swing highs and swing lows are evident. My objective will be to wait for gold to reach the lower side of the channel, more precisely, to anticipate a rebound in price at the demand zone around the 1910 level. Considering the fact that we have a swing low at that level, I expect the price to potentially break it with a spike on the H1 timeframe, confirming my entry. In that scenario, I would then take profit at the 1940 level, corresponding to the first swing high. Keep me posted on your thoughts. Happy trading to all!