Shooting Star XAUUSD Candlestick Pattern

Inverted Hammer Bullish Gold Candlestick Patterns

Inverted Hammer XAUUSD Candlestick Pattern and Shooting Star XAUUSD Candlestick Pattern candlesticks look alike. These have a long upper shadow and a short body at the bottom. Their color does not matter. What matters is the point where they appear whether at the top of a market xauusd trend (star) or the bottom of a market xauusd trend (hammer).

The difference is that inverted hammer is a bullish reversal xauusd pattern while shooting star is a bearish reversal xauusd pattern.

Upward XAUUSD Trend Reversal - Shooting Star Candlesticks

Downward XAUUSD Trend Reversal - Inverted Hammer Candlesticks

Inverted Hammer XAUUSD Candlestick Pattern and Shooting Star XAUUSD Candlestick Pattern Gold Chart Patterns

Inverted Hammer Candlestick

This is a bullish reversal candlestick pattern. It occurs at the bottom of a XAUUSD trend.

Inverted hammer occurs at the bottom of a down xauusd trend and indicates the possibility of reversal of the downward gold trend.

Inverted Hammer Candlestick

Technical Analysis of Inverted Hammer Candlestick

A buy is confirmed when a candlestick closes above the neckline, this is the opening of the candlestick on the left side of this pattern. The neckline in this case is a resistance level.

Stop orders for the buy gold trades should be placed a few pips below the lowest gold price on the recent low.

An inverted hammer is named so because it signifies that the xauusd market is hammering out a bottom.

Shooting Star Candlestick

This is a bearish reversal candlestick pattern. It occurs at the top of a market trend.

It occurs at the top of an up xauusd trend where the open gold price is the same as the low and gold price then rallied up but was pushed back down to close near the open.

Shooting Star Candlestick

Technical Analysis of Shooting Star Candlestick

A sell is confirmed when a candlestick closes below the neckline, this is the opening of the candlestick on the left side of this pattern. The neckline in this case is a support level.

Stop orders for the sell gold trades should be placed a few pips above the highest gold price on the recent high.

The Shooting Star is named so because at the top of an upward market xauusd trend this xauusd candlestick pattern resembles a shooting star up in the sky.