The setup I posted earlier this week failed, as AU did not go down to form the second shoulder of the inverted Head n Shoulders Formation.
I refitted my S/R area to 0.7500 - it is a psychological area
So last week, price broke 0.7500, retested it on Wednesday, and then formed a strong bullish candle 50 pips upwards of that zone.
Friday's candle ended as a spinning top/almost doji due to Trump's inauguration and uncertainty.
From here I expect AU to reach the area around 0.7700 at least, likely towards the end of next week.
Notice the confluence between the resistance trendline and the horizontal resistance, it's a strong area of rejection.
I refitted my S/R area to 0.7500 - it is a psychological area
So last week, price broke 0.7500, retested it on Wednesday, and then formed a strong bullish candle 50 pips upwards of that zone.
Friday's candle ended as a spinning top/almost doji due to Trump's inauguration and uncertainty.
From here I expect AU to reach the area around 0.7700 at least, likely towards the end of next week.
Notice the confluence between the resistance trendline and the horizontal resistance, it's a strong area of rejection.
Comment:
Buy to overlap of trendline and horizontal resistance
