XAU bearish continuation??
Gooooood Morning Tradingview!!
I'm back with another XAUUSD breakdown for today.
So on this 15m chart we are in a bearish descending channel. On the topside of the channel we have 3 touches to the trend-line. The way in which price approached the this 3rd touch (correctively- Itty bitty bodied candles) in an ascending Channel- creating a pattern within a pattern is a good sign of continuation to the downside.
The near miss at the Daily LQZ says to me that price would like to grab the pool of money sitting down there before re-testing the most recent All Time High pushing to the upside.
But like always this is a game of patience. So, we could see price push up above the resistance zone getting traders to think she's going long only to activate your order and hit your stop loss to push towards the lower daily LQZ.
I'm back with another XAUUSD breakdown for today.
So on this 15m chart we are in a bearish descending channel. On the topside of the channel we have 3 touches to the trend-line. The way in which price approached the this 3rd touch (correctively- Itty bitty bodied candles) in an ascending Channel- creating a pattern within a pattern is a good sign of continuation to the downside.
The near miss at the Daily LQZ says to me that price would like to grab the pool of money sitting down there before re-testing the most recent All Time High pushing to the upside.
But like always this is a game of patience. So, we could see price push up above the resistance zone getting traders to think she's going long only to activate your order and hit your stop loss to push towards the lower daily LQZ.
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