XAUUSD IS it ready for a trend reversal?
XAUUSD has been in a downtrend on the daily chart
however on the chart I see the basis band of the Bollinger Bands
( SMA20?) on a slow uptrend. Impartantly, the when price
is in the area of the basis band, volatility is increased. Price could
push threw it or bounce. The K line of the RSI indicator is
below the histogram and its slope is decreasing, indicating
that a potential reversal is slowly insuing. Price is below the
POC of the high volume area within the volume profile. The POC
tends to act as a magnet pulling price to itself which would be
an uptrend. Fedral calendar events tend to increase volatility.
All in all, I see a bullish scenario further supported by the cup
and handle disussed in another idea.
dropping
however on the chart I see the basis band of the Bollinger Bands
( SMA20?) on a slow uptrend. Impartantly, the when price
is in the area of the basis band, volatility is increased. Price could
push threw it or bounce. The K line of the RSI indicator is
below the histogram and its slope is decreasing, indicating
that a potential reversal is slowly insuing. Price is below the
POC of the high volume area within the volume profile. The POC
tends to act as a magnet pulling price to itself which would be
an uptrend. Fedral calendar events tend to increase volatility.
All in all, I see a bullish scenario further supported by the cup
and handle disussed in another idea.
dropping
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