Contrary to the vast majority of people's beliefs, 
XAUUSD was unable to break through the old peak at $4380/oz to move above the $4400/oz area but formed a double top pattern on the 1 hour timeframes and corrected downwards with a record margin from $4380 to near $4000/oz.
With these factors, we can almost certainly conclude that gold has completed this rally and will begin to correct downwards in the near future.
Looking through the options market, almost all traders have withdrawn all Longcall contracts from the market and a large number of Longput contracts have been pushed in.
This further reinforces the fact that the price has begun to enter a downward correction cycle in the near future.
Some key levels that we need to pay attention to in today's trading session:
Resistance: [4185 - 4188], [4220 - 4225], [4235 - 4240], [4265 - 4270]
Support:
Note: Price may spike through support or resistance levels and then reverse. Therefore, it is crucial to patiently wait for the candle to close before entering a trade.
Victor Dan @ ZuperView
XAUUSD was unable to break through the old peak at $4380/oz to move above the $4400/oz area but formed a double top pattern on the 1 hour timeframes and corrected downwards with a record margin from $4380 to near $4000/oz.With these factors, we can almost certainly conclude that gold has completed this rally and will begin to correct downwards in the near future.
Looking through the options market, almost all traders have withdrawn all Longcall contracts from the market and a large number of Longput contracts have been pushed in.
This further reinforces the fact that the price has begun to enter a downward correction cycle in the near future.
Some key levels that we need to pay attention to in today's trading session:
Resistance: [4185 - 4188], [4220 - 4225], [4235 - 4240], [4265 - 4270]
Support:
- Margin zone support: [4056 – 4066]
- Strong support: [3984 - 3990]
- Always be patient and wait for the price to reach the support and resistance zones above and get confirmation. Do not place limit orders or enter orders when the price is increasing or decreasing sharply.
- Take advantage of the above support and resistance zones and trade short-term when the price reacts at these support and resistance zones.
- Take profit when the price moves from 10 to 20 prices since entering the order at the support and resistance areas.
- Wait for reactions such as Engulfing candles, Doji,... at the support and resistance zones.
- Always set stop loss when trading and manage risks closely.
Note: Price may spike through support or resistance levels and then reverse. Therefore, it is crucial to patiently wait for the candle to close before entering a trade.
Victor Dan @ ZuperView
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Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.