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Reversal Gold Candlestick Patterns and Their Confirmation: Hammer XAUUSD Candlestick Pattern and Hanging Man XAUUSD Candlestick Pattern

Hammer Bullish Gold Candlestick Patterns

Reversal candlestick patterns occur after an extended prior trend. Therefore, for a candlestick pattern to qualify as a reversal xauusd pattern there must be a prior trend.


These reversal candlestick patterns are:


  1. Hammer XAUUSD Candlestick Pattern and Hanging Man Gold Candlestick Pattern
  2. Inverted Hammer XAUUSD Candlestick Pattern and Shooting Star Gold Candlestick Pattern
  3. Piercing Line XAUUSD Candlestick Pattern and Dark Cloud Cover Gold Candlestick Pattern
  4. Morning Star Candlesticks and Evening Star Candlesticks
  5. Engulfing XAUUSD Candlesticks Patterns


Hammer XAUUSD Candlestick Pattern and Hanging Man XAUUSD Candlestick Pattern

Hammer XAUUSD Candlestick Pattern and Hanging Man XAUUSD Candlestick Pattern candlesticks look alike but hammer is bullish reversal xauusd pattern and hanging man is a bearish reversal xauusd pattern.

Reversal Candlestick Gold Chart Patterns: Hammer XAUUSD Candlestick Pattern and Hanging Man Gold Candlestick Pattern candlesticks

Hammer XAUUSD Candlestick Pattern and Hanging Man XAUUSD Candlestick Pattern



Hammer Candlestick

Hammer is a potentially bullish pattern that occurs during a xauusd downward trend. It is named so because the xauusd market is hammering out a market bottom.


A hammer has:


  • A small body
  • The body is at the top
  • The lower shadow is two or three times the length of the real body.
  • Has no upper shadow or very small upper shadow if present.
  • The color of the body is not important



Hammer candlesticks reversal xauusd chart patterns

Hammer Candlestick



Technical Analysis of Hammer Candlesticks

The buy xauusd signal is confirmed when a candlestick closes above the opening gold price of the candlestick on the left side of the hammer candlestick pattern.


Stop orders should be place a few pips just below the low of the hammer candlestick.



Hanging Man Candlestick

This xauusd pattern is a potentially bearish reversal xauusd signal that occurs during a xauusd upward trend. It is named so because it resembles a man hanging on a noose up high.


A hanging man candlestick has:


  • A small body
  • The body is at the top
  • The lower shadow is two or three times the length of the real body.
  • Has no upper shadow or very small upper shadow if present.
  • The color of the body is not important



hanging man reversal candlestick xauusd chart patterns

Hanging Man Candlestick


Technical Analysis of Hanging Man Candlesticks

The sell xauusd signal is confirmed when a bearish candlestick closes below the open of the candlestick on the left side of this hanging man candlestick pattern.


Stop orders should be place a few pips just above the high of the hanging man candlestick.


 

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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