This analysis is Gold's Bullish scenario.
Gold is in a position to create a weekly bullish pattern.
The important thing is that even if it breaks above the monthly supply zone and comes back, if a new weekly correction trend line of a new upward wave is drawn in the monthly supply zone again, it will be a clear weekly upward wave.
If there is a risk, the retracement is large after reaching the monthly supply zone. And, if it does not break through the high again, a monthly downtrend will follow.
However, as the dollar is in a bearish pattern so far, gold is likely to rise.
Gold is in a position to create a weekly bullish pattern.
The important thing is that even if it breaks above the monthly supply zone and comes back, if a new weekly correction trend line of a new upward wave is drawn in the monthly supply zone again, it will be a clear weekly upward wave.
If there is a risk, the retracement is large after reaching the monthly supply zone. And, if it does not break through the high again, a monthly downtrend will follow.
However, as the dollar is in a bearish pattern so far, gold is likely to rise.
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Gold can make bullish patterns and go higher!
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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.