Good Day Traders!
Here is my take on
XAUUSD
Price action did reject from the major trendline formed on August 2020 but in no way it is bearish. The rejection indicates the relevance of the trendline, hence it must not be ignored.
As we can see there was an accumulation phase inside the green base and break out happened shortly after. The rejection from the trendline is just a retest and it should not go below the black line inside the green box. I am looking for the impulsive movement towards the resistance area as it after the retest is done
Trading calls will soon follow
Here is my take on
XAUUSD
Price action did reject from the major trendline formed on August 2020 but in no way it is bearish. The rejection indicates the relevance of the trendline, hence it must not be ignored.
As we can see there was an accumulation phase inside the green base and break out happened shortly after. The rejection from the trendline is just a retest and it should not go below the black line inside the green box. I am looking for the impulsive movement towards the resistance area as it after the retest is done
Trading calls will soon follow