GOLD (XAUUSD) Two Scenarios For Next Week Explained 🥇

OANDA:XAUUSD   Gold Spot / U.S. Dollar

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?

❤️Please, support this idea with a like and comment!❤️

Comment: Check my new analysis on OIL:


Looks Bearish next will be 1750
+1 Reply
@ramdeepr, thank you for comment my friend!
nice chart , I agree with your analysis
VasilyTrader Helical_Trades
@Helical_Trades, thanks a lot bro)))
Good catch Vasily
VasilyTrader TheSignalyst
@TheSignalyst, thanks a lot brother!
thanks for sharing
VasilyTrader MMBTtrader
@MMBTtrader, you are welcome my friend)))
Thanks for a good analysis. I am on standby for gold with the following facts.
Weekly chart up trend line is valid supporting $1750
Daily candles have bottom pin bars supporting $1790 which is 50% Fib retracement between bottom $1750 and top $1835.
I believe that Bull is under control the market and wait & see on Monday.