XAUUSD Gold : 20.4 , Decision making time! Focus up!
Updated
Guys and gals, let's shut down emotion and think.
Connecting higher lows since the beginning of 2022 show strong support between 1935-1940.
Is there any fundamental change to what is going on for the last 4 month? Is inflation gone away? Is certainty back controlling the market?
If the answer is NO, why would Gold break down this significant level?
Inflation and uncertainty is extremely bad and getting worse, providing strong fundamental backwind for the Gold to continue to rally.
Also, from a technical perspective, we see a 'falling wedge' pattern, which is a bullish continuation pattern of consolidating highs and lows in a sharp slope down.
With a break above the 'falling wedge' - Once again, a new high will be targeted for Gold, with 1960, 1980, 2000, as immediate possible targets, a break above 1954 with a close would be founded confirmation.
If Gold breaks below 1935, it could could continue down to 1890 - This is the less likely scenario and would be a surprise.
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If you have any questions please don't hesitate to message me/ask here.
My goal is to help as many traders as I can make sense of the markets.
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Connecting higher lows since the beginning of 2022 show strong support between 1935-1940.
Is there any fundamental change to what is going on for the last 4 month? Is inflation gone away? Is certainty back controlling the market?
If the answer is NO, why would Gold break down this significant level?
Inflation and uncertainty is extremely bad and getting worse, providing strong fundamental backwind for the Gold to continue to rally.
Also, from a technical perspective, we see a 'falling wedge' pattern, which is a bullish continuation pattern of consolidating highs and lows in a sharp slope down.
With a break above the 'falling wedge' - Once again, a new high will be targeted for Gold, with 1960, 1980, 2000, as immediate possible targets, a break above 1954 with a close would be founded confirmation.
If Gold breaks below 1935, it could could continue down to 1890 - This is the less likely scenario and would be a surprise.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
If you found my idea helpful, please like and follow, would be amazing for me ;D
If you have any questions please don't hesitate to message me/ask here.
My goal is to help as many traders as I can make sense of the markets.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note
Gold is currently testing the top of the falling wedge at the mid 1950's! Let's see if we have a pre-American market open breakout :D
Trade active
1890 is reached! To the high equity, averaging trader with no swaps this is trading paradise.
The break below 1940 is what allowed the retest.
So who's enjoying it? Who thinks it will break below?
Please comment :)
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