GOLD (XAUUSD) Two Scenarios For Next Week Explained 🥇

24 Jul 2021

Hey traders,

Analyzing a price action on Gold I see two potential scenarios for next week.

• Bearish
  The price formed a head and shoulders pattern on 12h chart.
  1790 - 1795 is its neckline.
  In case if the price breaks that and closes below, bearish continuation will be expected.
  Next support will be 1756
  
  
• Bullish
  Do not forget that the price is still trading in a local bullish trend.
  For now, the price is trading above the last higher low level so technically speaking we are still bullish.
  The price formed a falling wedge pattern on 4H chart.
  In case of its bullish breakout,
  bullish continuation will be expected to retest a current structure high.
  Goal - 1831
  

Wait for the trigger and follow the market.

Are you bullish or bearish on Gold?

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26 Jul 2021

Nota

Check my new analysis on OIL: