on Thursday gold has broken above a major trendline. on Friday we saw a very strong buying reaction and test of 1515 level. 1515 level is very peculiar for us because it is the major structure resistance level. Indeed, during the US session, we saw a very strong selling reaction from this level.
For next week we have two equally possible scenarios: 1 - Market participants will start buying the retest of the broken trendline and we will see the second test of 1515 level 2 - The breakout of the trendline will turn to a fake one and we will see a bearish continuation to major support of a current wide horizontal range.
though two options are equally possible, my spidey senses encourage me to the second option!
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