rehbock95

rehbock95

OANDA:XAUUSD

rehbock95

Gold currently is inside a corrective phase. The price is contracting inside a triangle and could break either way. Downside is more favorable. Well see and have limit positions in place.

rehbock95 Updated 

XAU/USD analysis 11. July 2020: Gold is rising for a long time now without a big retracement. The overall bias is still bullish eyeing the current economic situation. But think about this: We've seen the current situation some times in the past. Think about the IT- bubble in 2000. Stocks where rising at a mind- blowing pace which wasn't healthy, retail traders...

rehbock95

As wee can see in this 1H XAU/USD chart, we may see the same pattern repeating. Bullish point of view: 1. Gold is in high demand 2. Bulls aiming for all time high from here 3. Dollar weakness helping Bearish point of view: 1. Repeating pattern seen in chart 2. Resistance at 1800 reached 3. Bearish divergence on bigger timeframes