GOLD on the daily chart is testing a weekly resistance level at the 1910.
The price has broken the descending weekly trendline showing us a market strength and the uncertain economic situation can create a new bull run on XAUUSD with a test of the previous historical high.
How can we approach this scenario?
The bull pressure on the weekly resistance with high volumes can increase during this week and a break above that area will be a sign of strength.
We will monitor the price after the break and consider a long order if our Academy rules will be satisfied.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any questions.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
The price has broken the descending weekly trendline showing us a market strength and the uncertain economic situation can create a new bull run on XAUUSD with a test of the previous historical high.
How can we approach this scenario?
The bull pressure on the weekly resistance with high volumes can increase during this week and a break above that area will be a sign of strength.
We will monitor the price after the break and consider a long order if our Academy rules will be satisfied.
--––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any questions.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
Comment:
a perfect resistance rejection, a break above will be a sign of bullish continuation
Comment:
that is why is called resistance
Comment:
heading to the ATH