Gold (XAUUSD) Is it False Breakout?
Hi Traders!
Technically: Gold didn't placed 4H above previous key area of $1927. Moreover, when gold goes up,
It creates proper legs and consolidation phase. So. You can see in charts, Gold was moved very artificial.
Daily candle should be close below 1917 for some bearish bias.
Initial Goals are 1910 and 1891.
Fundamentally: Last friday trump raises stimulus package the reason behind why gold went up and after that on sunday
Democrats and republicans dismiss stimulus offer, dimming hopes for a deal.
My Thoughts: After so many aggressive buying i think bulls are Trap at the area of conflict 1927 and you can see major sell off because Stimulus negotiations may be prolonged.
Good luck!
Technically: Gold didn't placed 4H above previous key area of $1927. Moreover, when gold goes up,
It creates proper legs and consolidation phase. So. You can see in charts, Gold was moved very artificial.
Daily candle should be close below 1917 for some bearish bias.
Initial Goals are 1910 and 1891.
Fundamentally: Last friday trump raises stimulus package the reason behind why gold went up and after that on sunday
Democrats and republicans dismiss stimulus offer, dimming hopes for a deal.
My Thoughts: After so many aggressive buying i think bulls are Trap at the area of conflict 1927 and you can see major sell off because Stimulus negotiations may be prolonged.
Good luck!
Related publications
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.