Gold, complete analysis for your insight
Hello everyone and welcome back.
I've decided to write this idea so you can have a bit of insight on how XAU price might act.
I have pretty much written down everything you need to know on chart but here is some explanation:
1. Gold price have been in a descending triangle and recently we broke out of it
2. We also broke out of yellow resistance zone.
3. after the break out, we made a new high and price started forming a trading range ( Channel ).
4. Last night we broke out of the trading range ( channel ) with 2 good bearish candles
* now what might happen is :
- price might start bouncing off the new support zone ( Yellow zone ) and this means the whole trading range breakout might be a pull back, and from there we will see a bounce. ( This is highly probable )
- we might break the support zone and go back to triangle, which means the whole breakout thing was a false breakout and we are going to retest the Strong support zone ( Green one ) on the bottom.
* This is not a financial advice, use the idea with your own strategy and risk management *
Don't forget to like if you find this helpful, Subscribe so you wouldn't miss new ideas
Let me know what you think on the comment below ;)
I've decided to write this idea so you can have a bit of insight on how XAU price might act.
I have pretty much written down everything you need to know on chart but here is some explanation:
1. Gold price have been in a descending triangle and recently we broke out of it
2. We also broke out of yellow resistance zone.
3. after the break out, we made a new high and price started forming a trading range ( Channel ).
4. Last night we broke out of the trading range ( channel ) with 2 good bearish candles
* now what might happen is :
- price might start bouncing off the new support zone ( Yellow zone ) and this means the whole trading range breakout might be a pull back, and from there we will see a bounce. ( This is highly probable )
- we might break the support zone and go back to triangle, which means the whole breakout thing was a false breakout and we are going to retest the Strong support zone ( Green one ) on the bottom.
* This is not a financial advice, use the idea with your own strategy and risk management *
Don't forget to like if you find this helpful, Subscribe so you wouldn't miss new ideas
Let me know what you think on the comment below ;)
ملاحظة
Second scenario is being played out, going back to bottom now
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.