Weekly forecast - Potential evening star
So far, XAU/USD falls back to below the August 2020 - January 2021 trendline
Today XAU/USD finally broke the minor trendline
Potentially an evening star pattern on the daily timeframe
The gold market is potentially gonna be wild in the next few days. I'm concerned about US lockdown breaking news.
Last year in March, Gold crashed $300 then rally $600.
Maybe the 4th of July will be the reason for the increasing covid cases in the US. The average Covid duration of incubation is from 5 to 7 days but can be as long as 14 days.
So until the end of July, there's a possibility of another US lockdown. If it happens, it's gonna shake the market.
Invalidation:
This analysis fails if the price goes up to breakout and close above the August 2020 - January 2021 trendline
Today XAU/USD finally broke the minor trendline
Potentially an evening star pattern on the daily timeframe
The gold market is potentially gonna be wild in the next few days. I'm concerned about US lockdown breaking news.
Last year in March, Gold crashed $300 then rally $600.
Maybe the 4th of July will be the reason for the increasing covid cases in the US. The average Covid duration of incubation is from 5 to 7 days but can be as long as 14 days.
So until the end of July, there's a possibility of another US lockdown. If it happens, it's gonna shake the market.
Invalidation:
This analysis fails if the price goes up to breakout and close above the August 2020 - January 2021 trendline
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