After strong rejection at the new all time high level earlier this week, the price structure of XAUUSD in 1H timeframe has been shifted from uptrend to sideway-sideway down after 2035 level has been broken downward.
Even though Gold may still look bullish on the bigger timeframe like daily timeframe, it is worth noting that Gold is still likely to move in a corrective pattern on a weekly level if it cannot hold strong or close above 2035 on a weekly candle.
Strategy: Open Short positions around respective level of 2045 and 2061 after a bear reversal candle is followed by confirmation of bearish candle like engulfing
SL at the high of reversal candlestick
Don't forget to place a stoploss and stick to plan
Even though Gold may still look bullish on the bigger timeframe like daily timeframe, it is worth noting that Gold is still likely to move in a corrective pattern on a weekly level if it cannot hold strong or close above 2035 on a weekly candle.
Strategy: Open Short positions around respective level of 2045 and 2061 after a bear reversal candle is followed by confirmation of bearish candle like engulfing
SL at the high of reversal candlestick
Don't forget to place a stoploss and stick to plan
