XAUUSD : Incoming Bull Run or Another Fake-out ?
We have been in a downtrend for a long time now. It seems as a bull flag formation and with it, my target is 2300 USD.
As we can see, we saw two fake-outs in this downtrend but this time it seems real.
We took support from between the 0,618 and 0,5 levels of Fibonacci retracement and there is a double bottom formation.
We've executed double bottom formation perfectly and now, it's all about breaking the downtrend.
It seems like we've broken it and now we are retesting it. So, it can be the last buying opportunity.
I believe gold for the long term, but if you are a trader with short-term perspective, you should stoploss if a daily close below the downtrend happens.
NOT FINANCIAL ADVICE
As we can see, we saw two fake-outs in this downtrend but this time it seems real.
We took support from between the 0,618 and 0,5 levels of Fibonacci retracement and there is a double bottom formation.
We've executed double bottom formation perfectly and now, it's all about breaking the downtrend.
It seems like we've broken it and now we are retesting it. So, it can be the last buying opportunity.
I believe gold for the long term, but if you are a trader with short-term perspective, you should stoploss if a daily close below the downtrend happens.
NOT FINANCIAL ADVICE
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