XAUUSD VS The Wall of Trump and Moving Averages
After breaking out of the bullish triangle,
XAUUSD
shot up to the 1260 level. Its flight was halted because of the previous support turned resistance that was broken after the Trump Victory and not only that but 3 Moving averages from the Daily, Weekly and Monthly time frames.
In my opinion
XAUUSD
will have difficulties breaking this level so at least a pullback or even a sideways consolidation is needed to have more fuel for the bull rally. I won't discount the possibility that this might be a bearish retest of the Trump breakdown but if the level is broken and
XAUUSD
holds above it then the case for a new bull market in Precious Metals is strengthened.
XAUUSD
shot up to the 1260 level. Its flight was halted because of the previous support turned resistance that was broken after the Trump Victory and not only that but 3 Moving averages from the Daily, Weekly and Monthly time frames. In my opinion
XAUUSD
will have difficulties breaking this level so at least a pullback or even a sideways consolidation is needed to have more fuel for the bull rally. I won't discount the possibility that this might be a bearish retest of the Trump breakdown but if the level is broken and
XAUUSD
holds above it then the case for a new bull market in Precious Metals is strengthened.
Trade closed manually:
Updated the chart as a new idea
Related Ideas
XAU got knocked down on the first round. Needs to pullback to be able to fight back