Strong Up Trend of XAUUSD in monthly timeframe
In 1M timeframe,the price bar is still above Fast Trendline (blue line), it means that the trend is still strong.
Gold made strong resistant zone at 2070 price level. The price made a pin bar in Mar 2022 with high strong volume but reversed. The volume is now low, under MA20.
In my opinion, there are two scripts:
- (1) Price will break the 2070 resistant zone. After that, price will come back and retest the resistant zone.
- (2) Price will touch resistant zone and reverse. Price won't break Slow Line (The thick green line), and come back and break the resistant zone.
We need to wait the bar close in May and June to confirm trend.
I prefer first script, because the up trend is still strong.
Gold made strong resistant zone at 2070 price level. The price made a pin bar in Mar 2022 with high strong volume but reversed. The volume is now low, under MA20.
In my opinion, there are two scripts:
- (1) Price will break the 2070 resistant zone. After that, price will come back and retest the resistant zone.
- (2) Price will touch resistant zone and reverse. Price won't break Slow Line (The thick green line), and come back and break the resistant zone.
We need to wait the bar close in May and June to confirm trend.
I prefer first script, because the up trend is still strong.
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