XAUUSD 1H Analysis, 5th July 2021
XAUUSD is now in a 4H strong resistance area. My bias in 4H timeframe is still bearish, because we could see that it has formed LL and the last LH is still unbreakable
Trade Scenario 1 :
In 1H timeframe, bullish trendline is holding the bullish trend. But we could spot that an ascending channel is being formed. I would consider sell if it break the trendline forming LL, retest forming LH, then put short position targeting 1760 area
Trade Scenario 2 :
To Consider long position, i would wait for a break of resistance forming HH, retest forming HL, then put Long Position targeting 1860
Trade Scenario 1 :
In 1H timeframe, bullish trendline is holding the bullish trend. But we could spot that an ascending channel is being formed. I would consider sell if it break the trendline forming LL, retest forming LH, then put short position targeting 1760 area
Trade Scenario 2 :
To Consider long position, i would wait for a break of resistance forming HH, retest forming HL, then put Long Position targeting 1860
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