Gold broke out resistance 1862 which has really been quite a dramatic long time to break (went accordingly with my previous analysis). My next scenario is:
1. It will heavily consolidate on 1870-1880 around the resistance area (probably until next week), which trying to go up little by little because gold has exhausted going up
2. If there is no impulsive move to 1900, then we are seeing a bear flag pattern, as long as mentioned on the point above (we are not seeing a huge momentum candle again in H4)
I'm looking to see if it breaks below 1838, my view will still be bearish
Please kindly share your thoughts and feel free to give some feedback. Really love some discussions here!
Thanks for reading :)
1. It will heavily consolidate on 1870-1880 around the resistance area (probably until next week), which trying to go up little by little because gold has exhausted going up
2. If there is no impulsive move to 1900, then we are seeing a bear flag pattern, as long as mentioned on the point above (we are not seeing a huge momentum candle again in H4)
I'm looking to see if it breaks below 1838, my view will still be bearish
Please kindly share your thoughts and feel free to give some feedback. Really love some discussions here!
Thanks for reading :)
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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.