Gold (XAUUSD) Full Analysis - Next Big Opportunity Coming!

Traders,

Gold followed our analysis and fell from 1988 supply zone after completing a W pattern with good Fibonacci confluence. Now after few recent bounces up it is reaching a critical area which can define its future direction for a long term structure.

We have:

1. Possible completion of M pattern (FCP zone)
2. Trend Lines to support
3. 200 SMA

But if this area is violated because Gold already had few bounces in recent days consuming majority of Buy orders then it can fall much further down to 1700s. That can be a very big opportunity for shorting gold.

Presenting Gold Analysis & Forecast Updates - XAUUSD Technical Analysis For May 09, 2022

Rules:
1. Never trade too much
2. Never trade without a confirmation
3. Never rely on signals, do your own analysis and research too

✅ If you found this idea useful, hit the like button, subscribe and share it in other trading forums.
✅ Follow me for future ideas, trade set ups and the updates of this analysis
✅ Don't hesitate to share your ideas, comments, opinions and questions.

Take care and trade well
-Vik

____________________________________________________
📌 DISCLAIMER
The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only.
Not a financial advice or signal. Please make your own independent investment decisions.
____________________________________________________