GOLD (XAUUSD): Swing Analysis & Two Scenarios For Next Year 🥇
Updated
Hey traders,
Analyzing a weekly time frame we can see that from July 2020 🔻Gold is trading in a bearish trend.
In this post I will explain to you two potential scenarios for next year:
1️⃣ - Bearish Scenario
The market keeps setting lower highs perfectly respecting a major falling trend line.
At the same time from March we see two equal lows.
The price respected 1678 horizontal structure support.
It looks like the market is forming a bearish accumulation pattern.
In case of a bearish breakout of the underlined support (we need a weekly candle close below 1662 level to confirm the breakout) the market will most likely drop sharply at least to 1480 level.
2️⃣ - Bullish Scenario
Alternatively, in case of a bullish breakout of the major falling trend line, the market will most likely resume its global bullish trend.
1875 - the level of the last lower high must be broken as well for a breakout confirmation.
Then a bullish move to ATH will be expected.
And while the market is trading within the boundaries of the accumulation pattern you can trade its support/resistance.
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