The Box is Broken! Now, How long are bulls gonna run?
As you can see in my previous analysis on XAUUSD, the strong support line resisted against bear pressure (which was heavy!!!).
Now a big daily box and also a little one are broken at top. Adding the fact that the double bottom pattern now can be assumed as completed, we have a short term and lo0ng term scenario:
SHORT TERM: The red resistant line which is a strong one ever since the big downtrend has begun will stop the bulls at 1792 area. Then we can expect a pullback to 1760 ( even 1755) area. So daily traders should be aware.
LONG TERM: We can expect that not until the time US10Y and DXY show another sign of growth, GOLD will rise. 1835 could be a late target. So patience would give you more reward.
AAAAAnd,,, To refer to oscillators, caution is here. RSI (5) is near 70 at the time of writing.
Another AAAAAnd,,, is that the SMA (50) is now considered as a support.
I hope this gives you enough sight to trade good and also to see your comments bellow and your ideas too.
Now a big daily box and also a little one are broken at top. Adding the fact that the double bottom pattern now can be assumed as completed, we have a short term and lo0ng term scenario:
SHORT TERM: The red resistant line which is a strong one ever since the big downtrend has begun will stop the bulls at 1792 area. Then we can expect a pullback to 1760 ( even 1755) area. So daily traders should be aware.
LONG TERM: We can expect that not until the time US10Y and DXY show another sign of growth, GOLD will rise. 1835 could be a late target. So patience would give you more reward.
AAAAAnd,,, To refer to oscillators, caution is here. RSI (5) is near 70 at the time of writing.
Another AAAAAnd,,, is that the SMA (50) is now considered as a support.
I hope this gives you enough sight to trade good and also to see your comments bellow and your ideas too.
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