WEDGE IN XAUUSD, POSSIBLE OUTCOMESđź‘€
Since the fundamentals didn't influence this asset (I mean yesterdays U.S. PPI report, escalation in the Middle East and Trump's hint on Powell's resignation), let's talk about technicals in gold.
XAUUSD primarily trades sideways since the beginning of June. Main support levels are 3,250.00 and 3,300.00. Main resistant levels are 3,375.00 and 3,450.00. Currently the asset trades within a range of 3,300.00 - 3,375.00. Additionally, bullion has formed a bearish wedge since the beginning of July. Right now the price is heading towards lower border of this wedge, where the SMA50 is situated and may act as an additional support here.
I see 2 main scenarios for a mid-term here:
1) Break below the wedge, rebound from 3,300.00 support, targeting 3,375.00.
2) Rebound from the wedge’s lower border, show a bearish move to 3,375.00, then drop to 3,300.00.
In both cases, I assume the price to stay sideways for a long period of time.
Since the fundamentals didn't influence this asset (I mean yesterdays U.S. PPI report, escalation in the Middle East and Trump's hint on Powell's resignation), let's talk about technicals in gold.
XAUUSD primarily trades sideways since the beginning of June. Main support levels are 3,250.00 and 3,300.00. Main resistant levels are 3,375.00 and 3,450.00. Currently the asset trades within a range of 3,300.00 - 3,375.00. Additionally, bullion has formed a bearish wedge since the beginning of July. Right now the price is heading towards lower border of this wedge, where the SMA50 is situated and may act as an additional support here.
I see 2 main scenarios for a mid-term here:
1) Break below the wedge, rebound from 3,300.00 support, targeting 3,375.00.
2) Rebound from the wedge’s lower border, show a bearish move to 3,375.00, then drop to 3,300.00.
In both cases, I assume the price to stay sideways for a long period of time.
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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.
Join me, I'll guide you to PROFITABLE TRADINGđź’µ!
Telegram Channel: t.me/forextradersliveofficial
Telegram Channel: t.me/forextradersliveofficial
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.