XAUUSD - Fibonacci Retracement & Wedge or Flag
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The price of Gold (XAU/USD) had a great and finally struggled to stay above our horizontal resistance line at 1600.00.
The bulls lost control and we can now expect a retracement (not a change in trend!) before making further highs.
The 0.618 Fib level is usually a nice spot for an entry. This level is located at 1500.00, which was our previous key leve.
We can expect high volatility once we reached this level.
A common continuation pattern in crypto is a bullflag. The retracement might also look like a small falling wedge, which is followed by a strong breakout. Let's see where this goes.
cheers,
cryptobuller
If you would like to see more trading ideas like this, please click the like button!
The price of Gold (XAU/USD) had a great and finally struggled to stay above our horizontal resistance line at 1600.00.
The bulls lost control and we can now expect a retracement (not a change in trend!) before making further highs.
The 0.618 Fib level is usually a nice spot for an entry. This level is located at 1500.00, which was our previous key leve.
We can expect high volatility once we reached this level.
A common continuation pattern in crypto is a bullflag. The retracement might also look like a small falling wedge, which is followed by a strong breakout. Let's see where this goes.
cheers,
cryptobuller
Strategies, Insights & Education: t.me/KOLAcademy
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