GOLD (XAUUSD): Technical Outlook & Important Things to Watch 🥇
https://www.tradingview.com/x/KLjytj6P/
Gold remains very weak for 2 weeks.
Analysing a daily time frame, we can see that the market is consolidating and trading
within a very narrow range.
The last 4 daily candles are even trading within the range of a strong bullish candle.
That is a perfect example of inside bar formation.
Depending on the reaction of the price to the boundaries of that range,
I see 2 potential scenarios.
If the price breaks and closes below a 2015 level - the support of the range,
for us, it will be a strong bearish confirmation.
A bearish continuation will be expected at least to 1992 level then.
Alternatively, bullish breakout of 2044 will be a strong bullish signal,
that will push the prices at least to 2054.
Following my previous analysis, I remain bearish biased on Gold and bearish scenario
is more highly probable, but let's see.
❤️Please, support my work with like, thank you!❤️
Gold remains very weak for 2 weeks.
Analysing a daily time frame, we can see that the market is consolidating and trading
within a very narrow range.
The last 4 daily candles are even trading within the range of a strong bullish candle.
That is a perfect example of inside bar formation.
Depending on the reaction of the price to the boundaries of that range,
I see 2 potential scenarios.
If the price breaks and closes below a 2015 level - the support of the range,
for us, it will be a strong bearish confirmation.
A bearish continuation will be expected at least to 1992 level then.
Alternatively, bullish breakout of 2044 will be a strong bullish signal,
that will push the prices at least to 2054.
Following my previous analysis, I remain bearish biased on Gold and bearish scenario
is more highly probable, but let's see.
❤️Please, support my work with like, thank you!❤️
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