MULTIDIMENSIONALTRADER

XAUUSD outlook for the coming week.

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
Gold has finally broken out of the bull flag .

We are expecting Gold to continue the bullish momentum and target 1850 next.

Break above 1843 zone and retest will set up for a long term bullish trend .

Price is finding support above 50EMA.

Please take a look at our previous analysis for a detailed outlook.
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This is not financial advice.

Comments

what is the reason behind this analysis please
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MULTIDIMENSIONALTRADER tanvirahmad2502
@tanvirahmad2502, Price is moving up in an ascending channel, The price has also broken out of a bull flag and it's now finding support at 50EMA, there are price imbalances above that needs balancing and lastly Gold is bullish this time of the year.
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tanvirahmad2502 MULTIDIMENSIONALTRADER
@MULTIDIMENSIONALTRADER, but it doesn't cross the the high of the flag . So can't we say that it's a double top before falling?
Reply
MULTIDIMENSIONALTRADER tanvirahmad2502
@tanvirahmad2502, Yes it's possible, this could be a fakeout. we could get the price dropping back into the bull flag. However, on Friday the price retraced due to end of month profit-taking and because it didn't drop below the consolidation zone of 1790 - 1810 where the price ranged for over two weeks it looks like this zone will act as strong support now. Also its a fresh month on Monday with fresh capital going into the market. For now, there are more reasons for price to go up, this does not mean we can't get retracements, it's still possible for the price to drop to 1790 again, it's just there are more reasons for it to go up.
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