XAUStorm

XAUStorm Jun 9, 2024

"Last week, we observed a bullish movement in XAUUSD, breaking through the previous week's high and reaching a strong resistance area that proved difficult to surpass. A bearish harmonic pattern formed on the hourly chart last Friday night, hitting all its targets. Currently, the XAUUSD chart shows a double top pattern on the daily timeframe and a descending...

XAUStorm Updated  Jun 6, 2024

My Analysis of the Gold (XAUUSD) Chart on the Daily Timeframe The gold chart has formed a double top pattern with a middle bottom, representing a neckline that serves as a strong support line. If this support is broken, there is a bearish target at the price level of 2206 or halfway down. If the price continues to fall, there is another target at 2181, provided...

XAUStorm Updated  Jun 6, 2024

As clearly shown on the chart, XAUUSD has respected the neckline of the double top pattern, without a daily close below this level. A double bottom has now formed on the daily timeframe. A daily close above the neckline at 2350 strongly indicates a potential move to the target of 2373. This also aligns with the first target of 2361 for the harmonic pattern...

XAUStorm Jun 6, 2024

After analyzing last night's XAUUSD chart, we saw that closing a daily candle above the neckline of the double bottom pattern at 2350 indicates a high probability of gold reaching the target of 2373. This also matches the first target of the harmonic pattern and respects the levels outlined in the previous analysis. Currently, we see that gold is trying to break...