Attractive Opportunity Reviews on XAUUSD (GOLD)

Today, XAUUSD has an interesting setup for our daily trading. Where since a few days ago, this commodity looks still in a strong selling pressure. Opportunity entry can be found in this technical analysis. Where the patterns that have occurred in the past few days, it is clear and easy to analyze technically.

Check out XAUUSD in the following 4 Hour Chart:


In the chart above, it looks yesterday's price has increased quite strongly. Where no bearish candle is formed. In slow gains, the price is now in the vicinity of the previous consolidated zone (Green Box), today's price reaction is crucial for the direction clarity to be aimed at. Breakout on consolidation will be a sign of strong buying interest in this commodity. Lets see.


Okay,

In this 1 Hour time frame, we have Resistance and Support area:

Resistance area: 1227.00 - 1223.65

Area Support: 1215.25 - 1211.65

From the chart above, the price decline slowly occurred after the price rose strongly due to overnight news effects. In analysis and personal views, the price still has a chance to rise, if it has a reversal in the Support Area and is strengthened by the Breakout area of ​​Resistance. The London session is likely to be the beginning of rising transactions on this gold commodity.

The Resistance Area is formed from the highest price this week and represents the upper limit of the consolidation pattern. This breakout area will illustrate the increased Purchase power. Beware of the occurrence of False Breakout in this area, because the price still has the possibility of being in a big selling pressure / Current Downtrend.

Support Area was formed from the pattern of the increase formed a few candles before. Where this area will be a measure of interest and strong whether or not the Buyer or Seller on the price when entering this area.

Okay, in my view / prediction, based on the price movement we analyzed above, today we will try to look at opportunities for Buy and Sell entries. But technically does not allow the assumption of play, then the best entry we can do is, we will continue to see CLOSE PRICE movement at Candle 1 hour.
Breakout Entry Setup

Buy: If the price successfully breakout the Resistance area, with the formation of a clear candle body over the upper limit of the resistance area, then we can prepare for the best BUY opportunity. Note also whether or not the formation of Reversal Pinbar and Inside bar when the price passes through the resistance area to read the occurrence of False Breakout. When the breakout occurs, maybe we can hold the position up to the level of 1234.00

Sell: If the price breakout area Support area, with the formation of a clear body candle beyond the lower limit of the support area, then we can prepare to find the best SELL opportunities. Note also whether or not the formation of Reversal Pinbar and Inside bar when the price passes the support area to read the occurrence of False Breakout. If the breakout occurs, maybe we can hold the position up to the 1204.00 level

Pullback Entry Setup

Buy: If the price formed a reversal pattern, or Bearish pinbar in the Support area, we can prepare for the best BUY opportunity. Note also whether or not the formation of Higher Low before the occurrence of this condition, if any, the possibility of a pullback to be small.

Sell: If price is forming reversal pattern, or Bullish pinbar in Resistance area, we can prepare to find the best SELL opportunity. Note also whether or not the formation of Lower High before the occurrence of this condition, if any, the possibility of a pullback to be small.



Use Risk Reward always at least 1: 1 or 1: 2 and trailing stop loss (manual or automatic) when needed. Can use support and resistance levels for your reference analysis to determine Stop Loss and Cut Loss, remain alert for price consolidation.

Keep using good money management in your every entry for the sustainability of a healthy trading, hopefully this article can be your reference in analyzing the market.

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