XAUUSD, H4
On the H4, XAUUSD formed a falling wedge pattern after a substantial fall. Although the pattern is a classic reversal model, MA100 and MA200 indicate bearish sentiment. However, Momentum has risen above 100.00, so it is worth considering two possible scenarios.
- If the bulls push the price above the trend line and 2340, the upside will be to 2370;
- However, if further declines below 2320 and a breakdown of the lower trendline, Gold will fall to 2395;
Conclusion
In conclusion, trading CFDs carries inherent risks. Success in this field demands effective risk management. To minimize costly errors and capitalize on trading opportunities, it's crucial to conduct thorough due diligence and manage risks diligently.
