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Technical analysis of the XAU / USD
2020-09-11 08:07:38
Daily chart: the upward swing ended at the resistance at 1961.69-1966.74, from where a bearish pinbar was executed at the end of the swing. This is a significant signal for the formation of a new decline to the support area of 1902.42-1910.88.
Н1: the local structure has an uptrend reversal through the bearish O&U pattern, which recommends to initiate positions from the penultimate extremum (resistance area 1948.99-1950.64). Thus, we are waiting for the touch of this zone and then the departure of gold to a downward stream in the direction of 1922.91.
Conclusions: a rollback to the 1948.99-1950.64 zone, then a decline to 1922.91.
Trading decisions: shorts from the 1948.99-1950.64 zone to 1922.91.
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