XAUUSD Price and Trend analysis. Where to next?
The model shows Gold entering into a zone, which was used both as support & resistance multiple times in the past.
This is following a pull out of a downtrend, into an uptrend. As the price approaches our key resistance level, we see a sign of uncertainty in the markets: A big red candle in the midst of green candles. Frankly the Direction of Gold in the coming days or weeks is not too easy to determine, but if we close below our previous high and see some bearish confirmation, we will likely head down into lower levels.
See the double top forming yet? Keep an eye on the news. It could prove helpful in figuring the direction out
Thanks for reading, leave a comment if you have any suggestions or questions, and a like if you enjoyed reading this, Thanks.
This is following a pull out of a downtrend, into an uptrend. As the price approaches our key resistance level, we see a sign of uncertainty in the markets: A big red candle in the midst of green candles. Frankly the Direction of Gold in the coming days or weeks is not too easy to determine, but if we close below our previous high and see some bearish confirmation, we will likely head down into lower levels.
See the double top forming yet? Keep an eye on the news. It could prove helpful in figuring the direction out
Thanks for reading, leave a comment if you have any suggestions or questions, and a like if you enjoyed reading this, Thanks.
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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.
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.