XAUUSD Gold's re-test and 2 scenario targets! 07.02.2023
This is a time for action!
Gold is at a crossroad.
Back in Nov 2022 a big bull flag pattern confirmed upside breakout which sparked a massive $300 rally in 3 month - The target of the bull flag breakout was reached Feb 3rd at 1960.
Standard correction to overbought condition and pattern target reach caused a landslide to 1850-60 support which is a re-test of multiple trend-lines , horizontal and ascending.
2 scenarios on the table:
1) If Gold keeps above the re-test and resumes up-trend 2,060 may be reached within weeks.
2) If Gold breaks below the re-test and dives under the trend-lines price could continue sliding toward 1740 quite quickly.
FED's stance and inflation data coming this week will be firing shot to any of the 2 scenarios - With upside looking more practical as the correction kept above re-test.
Gold is at a crossroad.
Back in Nov 2022 a big bull flag pattern confirmed upside breakout which sparked a massive $300 rally in 3 month - The target of the bull flag breakout was reached Feb 3rd at 1960.
Standard correction to overbought condition and pattern target reach caused a landslide to 1850-60 support which is a re-test of multiple trend-lines , horizontal and ascending.
2 scenarios on the table:
1) If Gold keeps above the re-test and resumes up-trend 2,060 may be reached within weeks.
2) If Gold breaks below the re-test and dives under the trend-lines price could continue sliding toward 1740 quite quickly.
FED's stance and inflation data coming this week will be firing shot to any of the 2 scenarios - With upside looking more practical as the correction kept above re-test.
