Gold, complete analysis for your insight
Updated
Hello everyone and welcome back.
I've decided to write this idea so you can have a bit of insight on how XAU price might act.
I have pretty much written down everything you need to know on chart but here is some explanation:
1. Gold price have been in a descending triangle and recently we broke out of it
2. We also broke out of yellow resistance zone.
3. after the break out, we made a new high and price started forming a trading range ( Channel ).
4. Last night we broke out of the trading range ( channel ) with 2 good bearish candles
* now what might happen is :
- price might start bouncing off the new support zone ( Yellow zone ) and this means the whole trading range breakout might be a pull back, and from there we will see a bounce. ( This is highly probable )
- we might break the support zone and go back to triangle, which means the whole breakout thing was a false breakout and we are going to retest the Strong support zone ( Green one ) on the bottom.
* This is not a financial advice, use the idea with your own strategy and risk management *
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Let me know what you think on the comment below ;)
I've decided to write this idea so you can have a bit of insight on how XAU price might act.
I have pretty much written down everything you need to know on chart but here is some explanation:
1. Gold price have been in a descending triangle and recently we broke out of it
2. We also broke out of yellow resistance zone.
3. after the break out, we made a new high and price started forming a trading range ( Channel ).
4. Last night we broke out of the trading range ( channel ) with 2 good bearish candles
* now what might happen is :
- price might start bouncing off the new support zone ( Yellow zone ) and this means the whole trading range breakout might be a pull back, and from there we will see a bounce. ( This is highly probable )
- we might break the support zone and go back to triangle, which means the whole breakout thing was a false breakout and we are going to retest the Strong support zone ( Green one ) on the bottom.
* This is not a financial advice, use the idea with your own strategy and risk management *
Don't forget to like if you find this helpful, Subscribe so you wouldn't miss new ideas
Let me know what you think on the comment below ;)
Comment
Second scenario is being played out, going back to bottom now
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