GOLD The Obedient Dog | XAUUSD Noticeable Patterns
Updated
We recently captured a 5000 point movement on gold the last idea (check tagged link). If you follow gold keenly, you will notice it most respects patterns than any other pair.
Gold has been rising higher after the break of the Daily double top which was not so anticipated. After this momentum, I do expect a major downfall for some retests on the previous levels. However, it is a big mistake to get rigid with your analysis on Gold. This pair always talks back if it changes its bias.
The major decision as for now lies with the trend line supporting gold as for now.
Various things can happen here
The following cannot happen
Well, market biofeedback is here for us.
Gold has been rising higher after the break of the Daily double top which was not so anticipated. After this momentum, I do expect a major downfall for some retests on the previous levels. However, it is a big mistake to get rigid with your analysis on Gold. This pair always talks back if it changes its bias.
The major decision as for now lies with the trend line supporting gold as for now.
Various things can happen here
- Break out and bearish to next support zone
- Break out and bearish to next support zone with a noticeable retest
- Support and bullish to previous resistance zone
- False break out
The following cannot happen
- Channelling on the zone
- Stagnation on the trend
- Creation of a new Zone
Well, market biofeedback is here for us.
Trade active
Option 2 happened: Break out and bearish to next support zone with a noticeable retestTrade closed: target reached
our zone has been reached. let us listen where it's going next
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