FX.co ★ XAU/USD, GOLD

Today on GOLD we see that after a slight increase, the price engulfed the entire selling candle in one impulse. Currently, the price movement on the H1 chart shows a continuation of the trend from the level of 4563. I believe it is necessary to wait for the weakening of the bearish direction before jumping into the market, which will provide a good discount for entering long positions at more favorable prices. In the meantime, I will consider taking a short position entry point once the currency consolidates below the support at 4498. The first level for profit-taking will be around 44536, possibly even lower. This is where, upon the formation of a reversal pattern, there will be a good opportunity to enter long positions at more advantageous prices. I will consider a trend reversal only when the EMA with parameters 13-50 signals a reversal in direction.