XAU/USD analysis 11. July 2020:
Gold is rising for a long time now without a big retracement. The overall bias is still bullish eyeing the current economic situation. But think about this:
We've seen the current situation some times in the past. Think about the IT- bubble in 2000. Stocks where rising at a mind- blowing pace which wasn't healthy, retail traders...
As wee can see in this 1H XAU/USD chart, we may see the same pattern repeating.
Bullish point of view:
1. Gold is in high demand
2. Bulls aiming for all time high from here
3. Dollar weakness helping
Bearish point of view:
1. Repeating pattern seen in chart
2. Resistance at 1800 reached
3. Bearish divergence on bigger timeframes