Today’s forecast of XAU/USD
| Daily chart： | Uptrend |
|---|---|
| 4-hours chart： | Downtrend |
| 1-hours chart： | Downtrend |
Overview
XAU/USD started a downside correction from near 1802 to 1771 but stop to go down near 1770.
As a factor, Gold futures traded in dollars was down from the feeling of being overvalued as the dollar showed a steady movement centered on the euro-dollar.
Gold（XAU/USD）Daily Technical Analysis
Looking at Daily chart,
Gold was down from 1802 to 1772 and Big Bullish CandleStick is shown.
A downside break below the 1770 support might goes down more .
Gold（XAU/USD）4-hour Technical Analysis
Looking at 4-hour chart,
After the Doji Candlestick is shown , The pair is bounced off.
But The descending triangle chart pattern which is made by the lower line and a support level is shown.
From now on, There might be a move towards the 1770 support in the descending triangle.
Trade ideas
After it goes down a support line , wait for the price to make a “PULLBACK” to the broken support level, and enter after the price bounces.
Don’t care if my trade idea don’t go according to my forecast. Making a prediction and Waiting a chance is important.
