Gold Spot / U.S. DollarUpdated XAU/USD - formation M in making?
As we know, 2020 started with conflicts between US an Iran, spiking gold higher than we all expected, reaching 6 year high, 1600.0 +.
Now we are re-testing 1550.0 level, as price went above it! For now, it looks like price is making M formation above resistance level (Top), which is the best place for that, as price could Trap buyers, and drop back to 1450.0 level, for that to happen we have to be patient, it will take some time!
But again, it's not GUARANTEED, as there's conflicts between US and Iran, and it could lead to unexpected volatile moves, failing this setup...
We have to wait till US is making a deal with Iran, and trade gold with less weight on our hearts!
Now we are re-testing 1550.0 level, as price went above it! For now, it looks like price is making M formation above resistance level (Top), which is the best place for that, as price could Trap buyers, and drop back to 1450.0 level, for that to happen we have to be patient, it will take some time!
But again, it's not GUARANTEED, as there's conflicts between US and Iran, and it could lead to unexpected volatile moves, failing this setup...
We have to wait till US is making a deal with Iran, and trade gold with less weight on our hearts!
Note
Speaking of conflicts, i forgot to mention that Donald Trump said that he doesn't want to start WAR, so that means our M formation could succeed without any interference
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