FX.co ★ XAU/USD, GOLD

GOLDHello everyone! The seller is showing activity, as indicated by the downward linear regression channel. The instrument is trading below the level of 3123.81. I am considering selling towards the level of 3070.92, where a correction can be expected. Therefore, I am no longer considering shorts at lower levels. I am waiting for a pullback to further consider sales. Selling from the level of 3123.81 is more appealing, as breaking beyond it threatens bullish interest. Therefore, selling from 3123.81 puts me in a position between buying and selling. It is clear to see the reaction of the two players, which can help adjust trading, reducing losses with the possibility of quick profits in day trading.

Looking at the situation on the hourly chart, I also see a downward linear regression channel. Both channels are moving in the same direction, indicating a lack of strong buyers. The probability of a trend reversal in the H1 channel in this case is very low. Therefore, considering sales is much more interesting for me than going long against the movement of the two channels signaling sales. The level of 3123.81 acts as a bullish obstacle, breaking through which could lead to an increase towards the upper channel boundary at 3140.78. I will sell from there aiming to reach targets at 3070.92 and 3082.94. Achieving the targets will depend on channel volatility, which will contribute to a bullish pullback. A rise on the pullback is not very appealing to me; working with the trend is the priority direction.