Time for ideas to arrive: 9:10 on April 20, 2020, Vietnam time.
Currency pair: XAUUSD
Time frame: Weekly and H4
End of the week, Gold reached a new peak, the highest since 2012 here. After reaching the peak, it then plummeted forming a Pin bar discount pattern. This is a sign that Gold will continue to decline this week.
Besides, if you look at the graph in H4 frame, you can see that the newly formed peak is a double peak with a two-peak model. This is all the more confirming the downtrend this week.
Although the price will not go down a line, but will have an alternate recovery, but in general this week's priority is to beat down.
Recommendation: This is just a Trading Idea, not a trading signal. Predicting right and wrong is probabilistic. You should only use this as a reference. Use capital management methods to place orders and watch out for any market situations that may occur.
Author: Pham Khuong
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