Shooting Star Candle Pattern

Inverted Hammer Bullish XAUUSD Candle Patterns

Inverted Hammer Candlestick Pattern and Shooting Star 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 Candles

Downward Gold Trend Reversal - Inverted Hammer Candles

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

Inverted Hammer XAUUSD Trading Candlestick

This is a bullish reversal candle pattern. It forms at the bottom of a Gold trend.

Inverted hammer forms at the bottom of a down gold trend & indicates the possibility of reversal of the downwards Gold trend.

Inverted Hammer XAUUSD Candle

Analysis of Inverted Hammer XAUUSD Trading Candlestick

A buy is confirmed when a candle closes above neckline, this is opening of candle on leftside of this pattern. The neck-line point in this case forms the resistance level.

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

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

Shooting Star Candlestick

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

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

Shooting Star Candlestick

Technical Analysis of Shooting Star Candlestick

A sell is confirmed when a candle closes below neckline, this is opening of the candle on the leftside of this pattern. The neckline in this case is a support zone.

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

The Shooting Star is named so because at the top of an upwards market gold trend this gold candle pattern looks like a shooting star up in the sky.