XAUUSD 1-hour chart shows an overall uptrend since mid-October
Patterns: Rising Wedge, Bullish Flag, Head and Shoulders (Potential Reversal)
The recent price action has formed a rising wedge pattern, which is a bearish continuation pattern suggesting a potential trend reversal. Additionally, there is a bullish flag pattern visible in the previous uptrend, which is a continuation pattern. However, the current price structure also resembles a potential head and shoulders pattern, a bearish reversal pattern.
Strategy: Given the mixed signals, a cautious approach is recommended. Consider selling near the rising wedge resistance or the neckline of the potential head and shoulders pattern for a potential bearish reversal trade. Alternatively, a break above the wedge resistance could present a buying opportunity for a continuation of the uptrend.
Entry: Sell around 2735-2740 (Rising Wedge Resistance/Head and Shoulders Neckline), 2726 (Current Price), 2715 (Potential Shoulder Support).
Buy around 2745-2750 (Breakout above Wedge Resistance).
Stop Loss: Place above the recent swing high around 2760 for sell trades, and below the recent swing low around 2680 for buy trades.
Take Profit: Initial targets can be set around the Fibonacci retracement levels of the previous uptrend, such as 2700, 2675, and 2650 for sell trades. For buy trades, targets can be set at previous resistance levels or based on risk-reward ratios.
Signal Strength: 60. The presence of multiple patterns and mixed signals suggests caution. Monitor for a clear breakout or reversal confirmation before entering trades.
The recent price action has formed a rising wedge pattern, which is a bearish continuation pattern suggesting a potential trend reversal. Additionally, there is a bullish flag pattern visible in the previous uptrend, which is a continuation pattern. However, the current price structure also resembles a potential head and shoulders pattern, a bearish reversal pattern.
Strategy: Given the mixed signals, a cautious approach is recommended. Consider selling near the rising wedge resistance or the neckline of the potential head and shoulders pattern for a potential bearish reversal trade. Alternatively, a break above the wedge resistance could present a buying opportunity for a continuation of the uptrend.
Entry: Sell around 2735-2740 (Rising Wedge Resistance/Head and Shoulders Neckline), 2726 (Current Price), 2715 (Potential Shoulder Support).
Buy around 2745-2750 (Breakout above Wedge Resistance).
Stop Loss: Place above the recent swing high around 2760 for sell trades, and below the recent swing low around 2680 for buy trades.
Take Profit: Initial targets can be set around the Fibonacci retracement levels of the previous uptrend, such as 2700, 2675, and 2650 for sell trades. For buy trades, targets can be set at previous resistance levels or based on risk-reward ratios.
Signal Strength: 60. The presence of multiple patterns and mixed signals suggests caution. Monitor for a clear breakout or reversal confirmation before entering trades.
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