Gold: One Good News, One Bad News!
Hello dear precious metals friends, hope you're doing well guys! ;)
Let's first of all have a look at the last analysis on XAU/USD:
=> As we can clearly see, we had a Breakout out of the Bullish Pennant/Ascending Triangle on the Daily. But it quickly turned into a Fake-out, which is better visible on the 4H if we look at the horizontal break of $1,430, since we're trading underneath again:
The good news is though, that we managed to bounce off from the previous lower trendline, which is better visible on the Daily without the wicks:
=> The $1,415 zone has now the potential to uphold as new higher Low on the Daily.
Looking on the 4H again, we can clearly see the $1,430 as resistance.
=> If the bulls manage to break the zone, we will have successfully retested the breakout zone and continue to head higher. If on the other hand we break the current support, we'll head into the previous Daily Equilibrium zone again, before we had the Bullish Pennant/Ascending Triangle ongoing.
=> The burden of proof is definitely on the bulls.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Gold analyses! I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
Let's first of all have a look at the last analysis on XAU/USD:
=> As we can clearly see, we had a Breakout out of the Bullish Pennant/Ascending Triangle on the Daily. But it quickly turned into a Fake-out, which is better visible on the 4H if we look at the horizontal break of $1,430, since we're trading underneath again:
The good news is though, that we managed to bounce off from the previous lower trendline, which is better visible on the Daily without the wicks:
=> The $1,415 zone has now the potential to uphold as new higher Low on the Daily.
Looking on the 4H again, we can clearly see the $1,430 as resistance.
=> If the bulls manage to break the zone, we will have successfully retested the breakout zone and continue to head higher. If on the other hand we break the current support, we'll head into the previous Daily Equilibrium zone again, before we had the Bullish Pennant/Ascending Triangle ongoing.
=> The burden of proof is definitely on the bulls.
If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my analysis to other people then. Make also sure to follow me so you get notified on my Gold analyses! I wish you a good trading! :)
Edgy is providing online mentorship & trading metrics only. We are not a financial advisor, nor do we hold any formal qualifications in this area. You're trading at your own risk. No matter what you do, please set your stop loss. Please be aware, that you can lose all your money on the online exchanges.
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