Indicators and patterns
10/31/2024
Indicators and patterns
The first indicator is an "On-Neck Pattern" identified on the XAU/USD (Gold/US Dollar) currency pair chart with a 15-minute timeframe. This pattern is considered bearish and suggests a potential sell signal. The On-Neck Pattern occurs when a long bearish candle is followed by a smaller bullish candle that opens at or near the previous candle's close and closes near its low. This pattern indicates a potential continuation of the downtrend.The second indicator is a "Long Line Candle" also identified on the XAU/USD 15-minute chart. This candlestick pattern is bearish and also suggests a sell signal. A Long Line Candle is a long bearish candlestick with a small or no wick, indicating strong selling pressure and a potential continuation of the downtrend.
Both indicators and signals align in suggesting a bearish outlook for the XAU/USD pair, indicating a potential opportunity to sell based on the patterns observed. Traders may consider these signals in their decision-making process for trading the XAU/USD pair.
This is not investment advice. Remember to verify the information provided here.
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