GOLD (XAUUSD): Wave Analysis & Technical Outlook 🥇
Updated
Hey traders,
Gold managed to violate 1875 major structure resistance level and close above that.
Now that structure turned into a strong support.
Being heavily overbought, I believe that soon we will see a pullback.
Taking into consideration that the price is coiling around a resistance of a major rising parallel channel,
at some moment, it may drop all the way down to its support.
Keep monitoring a confluence zone between a broken horizontal key level and channel's support.
It will be a safe spot to catch a trend following movement to 1958 major historical resistance.
Intraday confirmation will help you to catch a safe entry.
For now shorting is not an option. Too high risk...
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