As I said in my yesterday's video, although XauUsd is trading in a very important resistance zone, bulls are still very strong and this resistance will most probably fall.
After Friday's strong reversal following NFP, Gold spent for the next 2 days consolidated in a narrow range.
This range is a rectangle, usually a continuation pattern, and, considering the recent leg up from 1830 to 1880, the next leg should be equal. This gives us 1920 in terms of price.
Gold remains bullish as long as the 1860-1865 zone is intact in terms of daily close and only a break here would put a pause in this scenario.
After Friday's strong reversal following NFP, Gold spent for the next 2 days consolidated in a narrow range.
This range is a rectangle, usually a continuation pattern, and, considering the recent leg up from 1830 to 1880, the next leg should be equal. This gives us 1920 in terms of price.
Gold remains bullish as long as the 1860-1865 zone is intact in terms of daily close and only a break here would put a pause in this scenario.
Note
Gold is trading above rectangle's resistance
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📈 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.