Last week was a good one for Gold bulls with a new reversal from the 1900 zone.
Looking at the posted chart we can see that the drop from ATH is in a falling wedge pattern at this moment there are high chances for the correction to be complete. Also, both reversals from 1900 are Morning Star candlestick formations, indicating also a reversal.
On the weekly chart, we have 2 nice long-tailed candles which add to the resumption of the upside idea.
In conclusion, I'm bullish for next week as long as 1900 is intact and a break above 1935-1940 zone could lead to a rise at 1980
Looking at the posted chart we can see that the drop from ATH is in a falling wedge pattern at this moment there are high chances for the correction to be complete. Also, both reversals from 1900 are Morning Star candlestick formations, indicating also a reversal.
On the weekly chart, we have 2 nice long-tailed candles which add to the resumption of the upside idea.
In conclusion, I'm bullish for next week as long as 1900 is intact and a break above 1935-1940 zone could lead to a rise at 1980
Note
After a short lived dip today, Gold reversed back to the day's open price reinforcing my bullish idea and the long term trend resumption
📈 Forex & XAU/USD Channel:
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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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.