Shooting Star Gold Candlestick Pattern

Inverted Hammer Bullish XAUUSD Candlestick Patterns

Inverted Hammer Gold 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 xauusd market trend (star) or the bottom of a xauusd market trend (hammer).

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

Upward Gold Trend Reversal - Shooting Star Candlesticks

Downward Gold Trend Reversal - Inverted Hammer Candlesticks

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

Inverted Hammer Candlestick

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

Inverted hammer occurs at the bottom of a down gold 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 xauusd trades should be placed a few pips below the lowest xauusd 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 gold trend where the open xauusd price is the same as the low and xauusd 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 xauusd trades should be placed a few pips above the highest xauusd price on the recent high.

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