Weekly Market Outlook
Last week, Gold turned bullish as the price respected the weekly support zone, rallying nearly 650 pips between the H4 support and resistance zones. On Friday, Gold shows bearish momentum and is retracing downward. There are indications suggesting potential buying opportunities based on price action. In my view, there's a possibility to focus on buying until Gold shows signs of reversal.
My two bias on XAUUSD👇🏻
1️⃣ Bullish Scenario: From the current price, Gold may continue bearish towards the H4 support. If price managed to reject our H4 support, we can see price going towards our H4 breakout zone to fill up our imbalance.
2️⃣ Bearish Scenario: Alternatively, from the current price, Gold could retrace to the H4 breakout zone and continue its bearish momentum. If price managed to break our H4 support zone, then price will likely reach our Bullish rejection OB. We would then focus on the bearish direction towards the nearest buy zone.
My two bias on XAUUSD👇🏻
1️⃣ Bullish Scenario: From the current price, Gold may continue bearish towards the H4 support. If price managed to reject our H4 support, we can see price going towards our H4 breakout zone to fill up our imbalance.
2️⃣ Bearish Scenario: Alternatively, from the current price, Gold could retrace to the H4 breakout zone and continue its bearish momentum. If price managed to break our H4 support zone, then price will likely reach our Bullish rejection OB. We would then focus on the bearish direction towards the nearest buy zone.
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