UncleBullFX
Short

GOLD | DECISION TIME. Meltdown is more likely!

OANDA:XAUUSD   Gold Spot / U.S. Dollar
#XAUUSD (#GOLD) 4H:

Gold dropped hard last Tuesday (26th May), breaking a MAJOR 4H trendline that has been supporting its upside momentum since the beginning of May.

The price is now going up in a very convenient way forming the bearish Rising Wedge pattern and doing a perfect re-test of the broken 4H trendline .
Therefore, we are favoring the bearish scenario on Gold for next week.

Moreover, due to the current ongoing protests in the U.S., we have also planned for a possible bullish scenario. As we might witness more demand on Gold if the riots/protests increase in violence; as investors would "logically" be moving into the Gold safe-heavens until the situation is clear.

📰 Economical News to watch for:
1) U.S. ISM Manufacturing Purchasing Managers Index (PMI)
2) U.S. ADP Nonfarm Employment Change
3) U.S. ISM Non-Manufacturing Purchasing Managers Index (PMI)
4) U.S. Crude Oil Inventories
5) U.S. Initial Jobless Claims
6) U.S. Non-farm Payrolls (NFP)
7) U.S. Unemployment Rate

This could be a very volatile week, so stay cautious!

Risk ONLY: 2-3%
Good Luck!

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https://t.me/UncleBullFX
Trade closed: target reached: JUST PERFECT.

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