Gold Analysis
The chart pattern for XAUUSD on the daily is currently a bull flag (pole: previous uptrend, flag: channel). Price bounced from a key support (1862) with a doube bottom. Which is an additional confluence. I expect price to go to at least 1966.49 to correct the huge sells recently. However the markets can do anything so be prepared, pay attention to price action, use good risk management and do not overleverage.
PS. My previous analysis bear flag was on a lower Timeframe. I did however mention prices could go up based on the major support and that you should be prepared for a break and retest.
PS. My previous analysis bear flag was on a lower Timeframe. I did however mention prices could go up based on the major support and that you should be prepared for a break and retest.
Penafian
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