XAUUSD Analysis April 19, 2020
Gold currently broke Resistance Level and is currently sitting on it. There are two options to consider:
1. This is a break and retest of structure for gold to push to the 1800's
OR
2. This may very well be a fake out and market may continue bearish momentum.
For option 1 to be confirmed we need to see rejection from current level where market is sitting now.
Option 2 however is mostly likely seeing that on the 4H timeframe market broke bullish trend. For this to be confirmed we need to see a a retest of structure as indicated with the down (yellow) arrows before we sell. If this option becomes to fruition we could see gold pushing to the 1400's to form a double bottom seeing that gold currently have been been forming quite a bit of reversals using double bottoms and double tops.
1. This is a break and retest of structure for gold to push to the 1800's
OR
2. This may very well be a fake out and market may continue bearish momentum.
For option 1 to be confirmed we need to see rejection from current level where market is sitting now.
Option 2 however is mostly likely seeing that on the 4H timeframe market broke bullish trend. For this to be confirmed we need to see a a retest of structure as indicated with the down (yellow) arrows before we sell. If this option becomes to fruition we could see gold pushing to the 1400's to form a double bottom seeing that gold currently have been been forming quite a bit of reversals using double bottoms and double tops.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.