GOLD- A weak bear is still a bear
Hello everyone
The last weekly bar closed with a long shadow at the bottom.This shows less selling pressure and maybe a reversal may occur on XAUUSD ,which will give us two possible outcome;
1- A bounce from our support level of 1850$ which may turn into a possible bull trend and that may happen in 2-3 days (a simple down trend on lower time frames).
2- the bear trend continues, maybe due to a bad news , a breakout of our current channel and touching the next support which is 1825$.
For now, I would take sell signals only because of the trend and the 2 last bars on daily.
The last weekly bar closed with a long shadow at the bottom.This shows less selling pressure and maybe a reversal may occur on XAUUSD ,which will give us two possible outcome;
1- A bounce from our support level of 1850$ which may turn into a possible bull trend and that may happen in 2-3 days (a simple down trend on lower time frames).
2- the bear trend continues, maybe due to a bad news , a breakout of our current channel and touching the next support which is 1825$.
For now, I would take sell signals only because of the trend and the 2 last bars on daily.
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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.