XAUUSD : Possible Correction !

[skrimon]

Well, guys, as you can see, gold doesn't have that necessary condition to drop and fill FVG, that's why I always say to use a higher time frame to confirm the reversal of the trend, now we see that the price has reached $1784 with a penetration. There is a minor modification and we have to see how it will react! Because as I specified on the chart, the range of $1784 to $1803 is one of the important supply zones! Currently, the price is in the Premium range and we will not look for BUY in this range!

Feel free to ask any questions you have, I'm here to help.

 

[Latham]

By nature, forex is decentralized and as mystery to many people. Due to Forex's decentralization, it's obligatory for a trader to use a broker.

 

[borzy]

View attachment 4810​

Well, guys, as you can see, gold doesn't have that necessary condition to drop and fill FVG, that's why I always say to use a higher time frame to confirm the reversal of the trend, now we see that the price has reached $1784 with a penetration. There is a minor modification and we have to see how it will react! Because as I specified on the chart, the range of $1784 to $1803 is one of the important supply zones! Currently, the price is in the Premium range and we will not look for BUY in this range!

Feel free to ask any questions you have, I'm here to help.

Thanks bro, what is FVG by the way? And also should we use volume or order flow information as well?

 

[Fin_Trader]

A "Head and Shoulders" technical analysis pattern has formed on the H4 timeframe. It is possible that the price will now go further up.

 

[borzy]

If a "Head and Shoulders" pattern has formed on the H4 timeframe, it typically suggests a potential reversal from a downtrend to an uptrend. The pattern consists of three peaks: a higher peak (head) between two lower peaks (shoulders), indicating a shift in momentum. Traders often anticipate an upward movement in price following the completion of this pattern, but confirmation through price action is essential before entering a trade.

 

[Polakandil]

Gold CFD trading is very challenging because gold volatility is very high providing the potential for faster gain and risk compared to trading major pairs, even though gold has historically risen from time to time, in CFD trading with leverage, the risk is very high so most trade is short term.

 

[borzy]

Trading Gold CFDs can indeed be challenging due to the metal's high volatility, which can lead to both rapid gains and significant losses, especially when using leverage. While Gold has a historical trend of rising over time, CFD trading with leverage magnifies risks, making it crucial to have a solid risk management strategy. Many traders opt for short-term trades with HFM to manage this volatility, but it's essential to be disciplined and aware of the potential for quick market reversals.

 

[ArnoldFX]

Really, when the price of gold goes against your trade, the account is reset instantly.

 

[TradeWizards]

We made good profits in gold trading
Gaining experience is always hard and bitter, but it can lead to unique results
I suggest you test the TW Sniper Trend Indicator in the time form of 5 minutes gold

 

[Polakandil]

Gold is now trading at around $2743 trying to rise again after falling at around $2730. Ahead of the US election, gold prices are still consolidating, there is caution if Trump wins the election because it might affect gold prices.