XAUUSD risk takers can go long, correction could be coming soon

Gold is in an downtrend, but after every downward impulse we look for an correction in the markets. If we look at all downward impulses made by gold since it's recent high they all were ~5%. Secondly if we look at candlesticks the pattern is showing multiple hammers which is a sign of strength, showing more sells are getting rejected and also add on to the scenario that correction might be on the way. There's also a support at 1445 level which can be used as stop loss if you're taking the trade, remember to close the trade only when the H4 candle closes below 1445 level otherwise all is good and in favor.

Try to look for an entry near 1450 to minimize risk for the targets of 1460,70,80 and 1495 as our last target.

Remember to manage your risk efficiently and diversify, may the markets be with you.

Kommentera:

It's moving away nicely, make sure to use trailing SL after it reaches 1460 currently it's 1458

Kommentera:

also move your current sl to entries