$XAUUSD - Consolidating/squeezing

Analysis
We are seeing a reset on the indicators are price is being squeezed between the 1M 20EMA and 1M 50EMA.

Scenario 1:
There is strong support at $1650 and it will needfind support at least 1 more time (perhaps twice) before it continues upwards to all time highs (+15)

Scenario 2:
If price breaks below 50EMA we could potential see a drop (-23%) with little support below.
Chart Patternsconsolidationconsolidation-breakoutconsolidationzoneGoldgoldideagoldtradingTechnical IndicatorsscenariosqueezeTechnical AnalysisTrend Analysis

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