GOLD respecting the uptrend, backed by BIDEN victory
#XAUUSD (GOLD):
The uptrend has resumed, thanks to technicals and also fundamentals, with Biden victory that resulted in a weaker USD.
Technically, the falling wedge break and retest played out as expected, also forming a HL double bottom, which gives a high probability for further upside movement.
However, after such a move, we want to see a retracement before jumping in any trade.
(4H):
If we zoom in, we can clearly see that the price is a bit over-extended, with bullish structure that needs a new HL
(1H):
Another zoom reverals that the price is currently slowing down in momentum, so a new bullish continuation pattern is what we want to see. If that won't form, we will wait for a pullback after 1970 resistance break.
The uptrend has resumed, thanks to technicals and also fundamentals, with Biden victory that resulted in a weaker USD.
Technically, the falling wedge break and retest played out as expected, also forming a HL double bottom, which gives a high probability for further upside movement.
However, after such a move, we want to see a retracement before jumping in any trade.
(4H):
If we zoom in, we can clearly see that the price is a bit over-extended, with bullish structure that needs a new HL
(1H):
Another zoom reverals that the price is currently slowing down in momentum, so a new bullish continuation pattern is what we want to see. If that won't form, we will wait for a pullback after 1970 resistance break.