ðĄ XAUUSD: Analysis May 24
Gold had its second sharp decline in a row, continuing to create a price bar in the form of a bearish marubozu candlestick pattern with a wide range, showing that the downward price thrust is maintained. The false break that created the bull trap above is actually forming a downward thrust in accordance with technical analysis theory. Gold D1 chart structure is currently moving sideways in a bullish trend.
H1 gold continues to have a downward momentum with strong momentum, shown by its high slope and price behavior sticking along the lower border to go down. The bearish model in the form of a Parabolic Curve also confirms a strong downward force, but an excessive state may have formed, making it easier to rebound than to continue decreasing. Today's expectation for H1 Gold is to catch the rebound to sell down from above, not chase down from below.
ðĄ H1 trend: Gold decreases.
Today trading idea: Sell gold.
H1 gold continues to have a downward momentum with strong momentum, shown by its high slope and price behavior sticking along the lower border to go down. The bearish model in the form of a Parabolic Curve also confirms a strong downward force, but an excessive state may have formed, making it easier to rebound than to continue decreasing. Today's expectation for H1 Gold is to catch the rebound to sell down from above, not chase down from below.
ðĄ H1 trend: Gold decreases.
Today trading idea: Sell gold.
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TP1: 2345
TP2: 2340
SL: 2358