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XAUUSD: Gold Shorts?

4Hr Time Frame: Notice how price is ranging in between our support and resistance zones. Price is now back at 1730.000, a previously respected zone. Notice how price reacted in the past. If price maintains below this sell zone, then we can look to do the same thing again. Reading structure, price is creating multiple Ms or double top formations.


1Hr Time Frame: Scaling down further we can see the double tops clearer. Notice how price violated this uptrend and is now testing as resistance. If price manages to sustain below this area, then look to short this down (target 1 1700.000). However, if price violates this resistance with strong bullish momentum then we must reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.


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