VasilyTrader

Gold (XAUUSD): What to Look At Next Week 🟡

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar

Hey traders,

This week, we spotted weakening bullish momentum on Gold .
The market was steadily growing within a rising wedge pattern.

On Friday, the price has successfully violated the support of the wedge
signifying the initiation of a consolidation.

The price is stuck within a horizontal trading range now.
1911 - 1922 is its support. If the price breaks and closes below that, it will initiate a correctional movement.

Patiently wait for a breakout.
I will post an update once the breakout is confirmed.

Alternatively, a bullish breakout of the range may push the market higher.

❤️Please, support my work with like, thank you!❤️

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.