VasilyTrader

GOLD (XAUUSD) Two Scenarios For Next Week Explained 🥇

Long
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!❤️

Comments

How did you determine the resistance at 1830 in the Bullish scenario? Nice analysis btw
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@keniedm, thank you for comment bro!!!
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VasilyTrader Samuel370
@Samuel370, thank you buddy ☺️
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Are you bullish or bearish on gold?
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