Gold Spot / U.S. Dollar

Short

GOLD (XAUUSD): Two Scenarios For Next The Week Explained 🥇

By VasilyTrader

Updated

snapshot

Hey traders,

Gold remains very bearish since the beginning of September.
The price is steadily falling within a wedge pattern on a daily.

Approaching its resistance, here are two potential scenarios for you to trade & follow:

Remember that while the price is within the boundaries of the wedge,
we remain bearish biased.
On 4H I see a perfect foundation for a double top formation.
1745 - 1750 will be its neckline.
Wait for its bearish breakout as your signal to short with 1725 being the initial target.
Bullish breakout of the resistance of the wedge will be a strong bullish trigger.
In case of a daily candle close above that, a bullish continuation will be expected at least to 1786.

Wait for the decision of the market & then follow.

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Note

Check my new idea on GOLD:

GOLD (XAUUSD): Time to Fall?! 🥇

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