🌟 The latest strong price push in the large H1 bar recently broke the recent peak, setting a new high price peak, continuing the upward price trend on H1 for gold. But at the same time, that strong H1 bar also caused gold to push above the upper border, a sign of overbought conditions. Because overbought is appearing in both time frames, H1 gold is best to wait for the price to drop before buying. In case the price is pushed to the bottom of the price range, the H1 downtrend will form because the price breaks the nearest bottom to create a lower price bottom. At that time, you can wait to sell.
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🌟Ole Hansen, commodity strategist at Saxo Bank, said that gold is still benefiting from instability in the Middle East.
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🌟 Gold's rising D1 bar yesterday created a balance between supply and demand during the trading day, because it formed a spinning top candlestick pattern. The cumulative price compression behavior continued because yesterday's D1 bar continued to fall within the previous inside bar pattern. This morning, the price is being pushed beyond the inside bar, but is going beyond the upper boundary and touching strong resistance, so there may be a downward adjustment due to the overbought phenomenon.
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🔰 XAUUSD SELL LIMIT 1940 - 1942
✔️TAKE PROFIT: 1930
❌STOP LOSS: 1947
✔️TAKE PROFIT: 1930
❌STOP LOSS: 1947
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