XAUUSD forecast
This is my forecast as to where I see Gold headed into next week
Daily timeframe: From the 'bigger perspective' price is forming LLS and lHS and last week price formed the new LH at 1790.75. Price sustained below 1790.750 for 5 consecutive days. Price formed an evening star at 1790.750 with the middle being a shooting star cs. From a ''smaller perspective'' the bearish of the evening star completed a new LL taking out that prev HL and then on friday price completed a new LH.
4 hour timeframe: Despite that impulsive bullish engulfing cs, price still sustained below the 4 hr high at 1786 for 8 consecutive hours and thus price is still forming lower highs. Also, we have a solid break and retest of the trendline/channel.
Im short gold looking for it to go into 1763.5 and then 1751 if 1763.5 is taken out
Daily timeframe: From the 'bigger perspective' price is forming LLS and lHS and last week price formed the new LH at 1790.75. Price sustained below 1790.750 for 5 consecutive days. Price formed an evening star at 1790.750 with the middle being a shooting star cs. From a ''smaller perspective'' the bearish of the evening star completed a new LL taking out that prev HL and then on friday price completed a new LH.
4 hour timeframe: Despite that impulsive bullish engulfing cs, price still sustained below the 4 hr high at 1786 for 8 consecutive hours and thus price is still forming lower highs. Also, we have a solid break and retest of the trendline/channel.
Im short gold looking for it to go into 1763.5 and then 1751 if 1763.5 is taken out
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