XAUUSD bearish bias on 11/1/2022 (Updated on 12/1/2022✅)

On 4H timeframe, QML pattern is observed. Higher high but lower low. Market structure was broken. We therefore will be waiting for the price to bounce to a liquidity region before expecting a plummet. Price is already reaching the 1810 region where there were most rejections and supply.

Here we hold our bearish bias.

This aligns with fibonacci 0.5–0.68 golden zone. Bearish bias is consolidated.

On 8H timeframe, price is rejecting off the channel. We are therefore expecting a short bounce up before a big plummet.

On 1H timeframe, we can clearly see the price has reached the ceiling of the channel and awesome oscillator (AO) made lower volume. This aligns with bearish bias.

Boom! From 1810 down to 1802. 80 pips reaped. Unfortunately, after this 80 pips, price decided to go back up again and break the channel upwards. All in all, if profit is secured, don’t be greedy !