The setup I posted earlier this week failed, as AU did not go down to form the second shoulder of the inverted Head n Shoulders Formation.
I refitted my S/R area to 0.7500 - it is a psychological area
So last week, price broke 0.7500, retested it on Wednesday, and then formed a strong bullish candle 50 pips upwards of that zone.
Friday's candle ended as a spinning top/almost doji due to Trump's inauguration and uncertainty.
From here I expect AU to reach the area around 0.7700 at least, likely towards the end of next week.
Notice the confluence between the resistance trendline and the horizontal resistance, it's a strong area of rejection.
I refitted my S/R area to 0.7500 - it is a psychological area
So last week, price broke 0.7500, retested it on Wednesday, and then formed a strong bullish candle 50 pips upwards of that zone.
Friday's candle ended as a spinning top/almost doji due to Trump's inauguration and uncertainty.
From here I expect AU to reach the area around 0.7700 at least, likely towards the end of next week.
Notice the confluence between the resistance trendline and the horizontal resistance, it's a strong area of rejection.
Note
Buy to overlap of trendline and horizontal resistance
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.