XAUUSD: Targeting the the 4H support. Short.

21 Jan 2019

The price broke below the 1,287.20 - 1,295.08 consolidation range (and as a result the Triangle) and is now targeting the 4H 1,276.40 Support (RSI = 36.846, MACD = -2.270, Highs/Lows = -4.0286, B/BP = -6.9780). This move may be expressed as a Channel Down but being oversold on momentum (STOCH = 13.662, STOCHRSI = 13.180, Williams = -86.196), it is more likely to consolidate sideways first (1,280 - 1,286) before it tests the support. Extra attention is required as there has already been one failed attempt to break this level (January 4 - 9) with a Channel Down that eventually continued as the Triangle that just broke. On a a 1D basis the 1,268.00 - 1,266.06 zone is the target, being the 0.5000 Fibonacci level of the previous Rising Wedge. So the short's first TP is 1,276.40, which if broken will be extended to 1,268.00.






** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **

Comments and likes are greatly appreciated.