Before you read this, check out the related idea where we released XAUUSD's 1 week chart where you will notice the major support we are referring to in the subject of this idea.
XAUUSD is trying to form a reversed head and shoulders right at that support, we already have a possible higher low but we are seeing rejection of the daily VWAP which doesn't make me too happy for the bulls, atleast for now.
Nevertheless, the idea for longs is still alive we just have to wait it out a little and get a little more data.
XAUUSD is trying to form a reversed head and shoulders right at that support, we already have a possible higher low but we are seeing rejection of the daily VWAP which doesn't make me too happy for the bulls, atleast for now.
Nevertheless, the idea for longs is still alive we just have to wait it out a little and get a little more data.
Comment:
Price action formed a clear double bottom and is now making fresh daily highs. Keep an eye on XAUUSD it could be a serious mover for the CPI data in just about 90 mins from now
