XAUUSD Gold : The question of all questions? Where to next! 2.6
Know the range, act with a plan and stick to it.
That's all you need to do in order to potentially catch a $50-60 move on Gold in the relatively short-term.
Currently the price is consolidating in a triangle shape that starts from the retest of the support trend-line stretching all the way back to March 2020.
The range of the consolidation is 1830-35 to 1860.
Now there's 2 potential scenarios with one being more likely than the other by a good margin.
1) A daily candle close above 1860 is a strong confirmation of the consolidation breakout up - meaning the target could be back to retest 1910-1920 very quickly, with a 1880 resistance in between.
2) A daily candle below 1830 would be strong confirmation of consolidation breakout down - meaning, the target could be to 1790-1810, to retest the long-term support trend-line stretching back to March 2020.
**MACD is showing convergence very low down from the center and build up higher, similar to March 2021 rally.
**Fundamentally, inflation and uncertainty is on the rise - Gold remains a hedge to exactly that.
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Thank you so much for reading! If you found my idea useful, please like and follow! It would mean a lot.
If there's any questions or comments, don't hesitate - It's the fuel to keep me going.
I am not a financial advisor and encourage you to do your own research prior to trading
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That's all you need to do in order to potentially catch a $50-60 move on Gold in the relatively short-term.
Currently the price is consolidating in a triangle shape that starts from the retest of the support trend-line stretching all the way back to March 2020.
The range of the consolidation is 1830-35 to 1860.
Now there's 2 potential scenarios with one being more likely than the other by a good margin.
1) A daily candle close above 1860 is a strong confirmation of the consolidation breakout up - meaning the target could be back to retest 1910-1920 very quickly, with a 1880 resistance in between.
2) A daily candle below 1830 would be strong confirmation of consolidation breakout down - meaning, the target could be to 1790-1810, to retest the long-term support trend-line stretching back to March 2020.
**MACD is showing convergence very low down from the center and build up higher, similar to March 2021 rally.
**Fundamentally, inflation and uncertainty is on the rise - Gold remains a hedge to exactly that.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Thank you so much for reading! If you found my idea useful, please like and follow! It would mean a lot.
If there's any questions or comments, don't hesitate - It's the fuel to keep me going.
I am not a financial advisor and encourage you to do your own research prior to trading
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Trade closed: stop reached:
Break below 1830 daily trend-line led a massive collapse down to 1620.
