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Dark Cloud Cover XAUUSD Candlestick Pattern

Piercing Line Bullish Gold Candlestick Patterns


A Piercing Line XAUUSD Candlestick Pattern and Dark Cloud Cover Gold Candlestick Pattern look alike but the difference is that one occurs at the top of a XAUUSD Trading up xauusd trend (Cloud Cover) and the other occurs at the bottom of a downwards xauusd trend (Piercing).


Upward XAUUSD Trend Reversal - Dark Cloud Cover Candlesticks


Downward XAUUSD Trend Reversal - Piercing Line Candlesticks



Piercing Line Candlestick

Piercing line is a long black body followed by a long white body candlestick.


The white body pierces the midpoint of the prior black body.


This is a bullish reversal xauusd pattern that occurs at the bottom of a market downward gold trend. It shows that the xauusd market opens lower and closes above the midpoint of the black body.


This shows that the momentum of the down xauusd trend is reducing and the xauusd market xauusd trend is likely to reverse and move in an upward direction.


This xauusd pattern is shown known as a piercing line signifying the xauusd market is piercing the bottom showing a market floor for the gold price downward trend.


Piercing Line candlestick Pattern

Piercing Line Candlestick


Technical Analysis Piercing Line Candlestick

A buy xauusd signal is confirmed once gold price closes above the neckline which is the opening of the candlestick on the left of the Piercing Line candlestick.


This is a bullish setup and gold price should continue moving upwards and for a xauusd trader who puts a buy xauusd trade should also place a stop loss xauusd order just below the lowest gold price level.



Dark Cloud Cover Candlestick


Opposite of piercing candlestick.


This candlestick is a long white body followed by a long black body.


The black body pierces the midpoint of the prior white body.


This is a bearish reversal xauusd pattern that occurs at the top of an upward gold trend.


It shows that the xauusd market opens higher and closes below the midpoint of the white body.


This shows that the momentum of the up xauusd trend is reducing and the xauusd market xauusd trend is likely to reverse and move in a downward direction.


This xauusd pattern is shown known as a cloud cover signifying the cloud as a ceiling for the gold price upward trend.



Dark Cloud Cover candlestick Pattern


Dark Cloud Cover Candlestick



Technical Analysis Dark Cloud Cover Candlestick

A sell xauusd signal is confirmed once gold price closes below the neckline which is the opening of the candlestick on the left of this candlestick.


This is a bearish setup and gold price should continue moving downwards and for a xauusd trader who puts a sell xauusd trade should also put a stop loss xauusd order just above the highest gold price level.


 

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Metals Symbols

Precious Metal Symbol:
Gold - XAUUSD, Silver - XAGUSD, Platinum - XPTUSD, Palladium - XPDUSD

Metal Symbol:
Copper - XCUUSD, Zinc - XZNUSD, Nickel - XNIUSD, Lead - XPBUSD, Aluminium - XALUSD