XAUUSD Bearish Reversal Signals

17 янв. 2023 г.

XAUUSD had a great growth in the last few days. As you see in the 4H time frame, price is in the uptrend and is moving on the ascending trend line.

In the higher time frame (Daily), the yesterday’s candle has been closed as a doji, and today’s candle has been opened below the yesterday’s candle close. This means we are probably facing a bearish reversal.

Currently, in the 4H, the inner trend line has been broken down and price is dropping. There is a support level ahead between 1894 - 1894 which may hold the price.

If today’s candle will be closed as bearish engulfing, and price breaks the support level at 1897, we can expect a bearish reversal move of XAUUSD towards the green levels which are next support levels at: 1875, 1867, and 1850.

Since price has been deviated from the main ascending trend line, we expect price to move down and retest it.

What is your idea of XAUUSD? Feel free to share your ideas in the comments.