XAUUSD was first making 3 drive pattern in a 4D timeframe. The market is attempting to keep the price bullish. However, the breakout of the trendline and then an inside bar show that the market is in the decision phase.
Sell below $2471
Target 1 is $2451
Target 2 is $2424
Target 3 is $2380
Why am I suggesting a sell trade in Gold?
- Overbought market conditions
Currently, the price has kept the low of the inside bar intact. But I would prefer a sell trade below the low of the inside bar. If the price does not break the low, it will keep increasing until another false breakout.
So you should be prepared for a sell trade in XAUUSD if the price breaks below the 2471.
Lower Trading timeframe
I am analyzing the 4D chart. However, you should open a sell trade on a lower timeframe, like 15M, to get high-risk rewarding sell trades in Gold.
