GOLD (XAUUSD): Two Potential Scenarios Explained🥇
Updated
As I predicted Gold dropped nicely after the market opening.
Now the price is trading on a strong intraday structure support.
Based on a current perspective I see two potential scenarios:
- If the price breaks and closes below 1914 - 1917 demand area on 4H,
then I will expect a further decline to 1900 / 1891 levels. - Because the market looks oversold, a pullback is highly probable as well.
Your confirmation to buy will be a bullish breakout of a falling wedge pattern on an hourly time frame.
Then a bullish continuation will be expected to 1932 / 1943 levels.
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