XAU/USD top-down analysis
Updated
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Weekly overview: The market is in a descending channel with swing highs and lows. Price is breaking the correction phase to the upside. Could it break and start a newer correction continuation to the upside? Or is it going to drop and be a false breakout? Moving averages shows price is going to be bullish for short-term and long-term bearish.
Daily Overview: Price is creating a Descending Channel within the weekly channel. Price is breaking lower high upper trendline to the upside. Is it going to drop and be a false breakout or be a continuation up?
Four Hourly Overview: Price made a previous Descending Channel that price broke and created a smaller correction continuation on the LTF to the upside. Price broke and completed the correction phase to the upside. Price action broke above a bullish flag pattern to the upside.
One Hourly Overview: Price created a smaller correction on November 5 to the upside for a correction continuation. Now price is on an Ascending impulsive Channel. Could we see a price continuation to the upside? Price is making a smaller horizontal channel within the houry channel. Price seems to be breaking above major high. Could we see a break and continuation to the upside??
Weekly overview: The market is in a descending channel with swing highs and lows. Price is breaking the correction phase to the upside. Could it break and start a newer correction continuation to the upside? Or is it going to drop and be a false breakout? Moving averages shows price is going to be bullish for short-term and long-term bearish.
Daily Overview: Price is creating a Descending Channel within the weekly channel. Price is breaking lower high upper trendline to the upside. Is it going to drop and be a false breakout or be a continuation up?
Four Hourly Overview: Price made a previous Descending Channel that price broke and created a smaller correction continuation on the LTF to the upside. Price broke and completed the correction phase to the upside. Price action broke above a bullish flag pattern to the upside.
One Hourly Overview: Price created a smaller correction on November 5 to the upside for a correction continuation. Now price is on an Ascending impulsive Channel. Could we see a price continuation to the upside? Price is making a smaller horizontal channel within the houry channel. Price seems to be breaking above major high. Could we see a break and continuation to the upside??
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