XAUUSD - Potential Follow Through On Gold
Price is currently forming a diagonal structure (wedge) on the H4 timeframe. This gives us a bearish bias in the immediate term.
However, we are still expecting price to eventually head higher, at least for another swing towards the previous trend line around the 1271 - 1279 area. Perhaps from there, we might see more selling pressure for a long term short trade. (Refer to the daily timeframe as shared before)
Disclaimer - this is not a trade call. Make sure you do your own due diligence before taking any trade.
However, we are still expecting price to eventually head higher, at least for another swing towards the previous trend line around the 1271 - 1279 area. Perhaps from there, we might see more selling pressure for a long term short trade. (Refer to the daily timeframe as shared before)
Disclaimer - this is not a trade call. Make sure you do your own due diligence before taking any trade.
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