XAUUSD - May be bullish but stay with trend
Hello Traders,
Gold began gradually to drop starting from the beginning of August from the price of 1970, and since that time it formed a descending channel and reached the price of 1885, which it tried to break three times on the four-hour chart and twice on the daily chart, and then rose strongly and faced strong resistance also at the price level of 1923. The initial conclusion here is that the support at the price of 1885 is a very strong, and if it is breached at any time, the bears will control the situation and take the price to the levels of 1870, 1860, and even to 1850.
And the other conclusion is whether the bulls will succeed and taking the price above 1923-1925, the strongest resistance will be at the price of 1930, which the bears suffered in an attempt to break through it previously and if break through it this time we can consider the price bullish and we will see the levels of 1940-1950 and even 1960-1970.
And the probability that the month of August will be closed between 1950-1960.
I already specified the buy/sell prices for tomorrow and will keep update on daily basis.
Please use proper money management and trade at your own risk; don’t overtrade and don’t trade without stop loss!
Wish good luck for all next week.
Gold began gradually to drop starting from the beginning of August from the price of 1970, and since that time it formed a descending channel and reached the price of 1885, which it tried to break three times on the four-hour chart and twice on the daily chart, and then rose strongly and faced strong resistance also at the price level of 1923. The initial conclusion here is that the support at the price of 1885 is a very strong, and if it is breached at any time, the bears will control the situation and take the price to the levels of 1870, 1860, and even to 1850.
And the other conclusion is whether the bulls will succeed and taking the price above 1923-1925, the strongest resistance will be at the price of 1930, which the bears suffered in an attempt to break through it previously and if break through it this time we can consider the price bullish and we will see the levels of 1940-1950 and even 1960-1970.
And the probability that the month of August will be closed between 1950-1960.
I already specified the buy/sell prices for tomorrow and will keep update on daily basis.
Please use proper money management and trade at your own risk; don’t overtrade and don’t trade without stop loss!
Wish good luck for all next week.
Comment:
My idea back in Aug 21:
Comment:
So far gold is moving as per my idea that published at the beginning of the week!
