GOLD / Daily / Weekly Outlook (2 possible outcomes)
This is the view we have on GOLD (XAUUSD) at the moment. Bearish bias is confirmed by break of LONG TERM ascending Trendline and push from the supply zone. On Weekly TF 3 weeks ago we had a strong Bearish engulfing candle that is suggesting that institutions are pushing the price down.
However it is likely that we will see one more retest of the zone so all the orders get filled.
We see 2 possible scenarios for the price of gold :
1. Price will pullback all the way up to 1345 supply zone and make double top formation before going down to 1280 or even lower to 1200.
2. Price will break current support Trendline and pullback to 1330ish zone and then drop to 1280 or even lower to 1200.
In any case we have a clear strategy and setup to take this pair short. Just be patient and wait for Break & Retest :)
We wish you great week ahead!
However it is likely that we will see one more retest of the zone so all the orders get filled.
We see 2 possible scenarios for the price of gold :
1. Price will pullback all the way up to 1345 supply zone and make double top formation before going down to 1280 or even lower to 1200.
2. Price will break current support Trendline and pullback to 1330ish zone and then drop to 1280 or even lower to 1200.
In any case we have a clear strategy and setup to take this pair short. Just be patient and wait for Break & Retest :)
We wish you great week ahead!
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