XAUUSD H4
This morning’s price opened at the 1790.00 level and made a price pullback, early this morning after yesterday’s market created a bearish candlestick on the H4 timeframe. Yesterday’s rise came to a halt after a candlestick made a price decline at 1800.00
Since the overall price movement is dominated by the downtrend, it is very likely that the current market reaction will act similarly. This is seen again, on the rejection that takes place thus creating a rejection candle stick. Here are the early signs of a decline through chart readings.
So here is the price of support and resistance that is closest today is at the level:-
R1: 1794.00
R2: 1800.00
R3: 1810.00
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S1: 1788.00
S2: 1782.00
S3: 1772.00
Trading is currently encouraged to look at a low timeframe to see the best trading potential to buy or sell. All these trades need to be done using the amount of "initial capital" that is willing to risk.
Finally, to see more active movement it is recommended to wait for trading opportunities in the evening. Have a safe trade.
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