Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📈 Gold has been overall bullish medium-term (daily) and long-term (monthly) trading within the rising channels and wedge patterns in blue and orange respectively.
Currently, #XAUUSD is hovering within a narrow range marked in red.
Scenarios:
1️⃣ Bullish Continuation
For the bulls to regain full control, a break above the upper bound of the red range is needed.
In this case, a movement towards the $2500 resistance zone would be expected.
2️⃣ Bearish Correction
In parallel, if the lower bound of the red range is broken downward, we expect the bearish correction towards the $2160 demand zone.
Which scenario is more likely to happen first? and why?
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
📈 Gold has been overall bullish medium-term (daily) and long-term (monthly) trading within the rising channels and wedge patterns in blue and orange respectively.
Currently, #XAUUSD is hovering within a narrow range marked in red.
Scenarios:
1️⃣ Bullish Continuation
For the bulls to regain full control, a break above the upper bound of the red range is needed.
In this case, a movement towards the $2500 resistance zone would be expected.
2️⃣ Bearish Correction
In parallel, if the lower bound of the red range is broken downward, we expect the bearish correction towards the $2160 demand zone.
Which scenario is more likely to happen first? and why?
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
This analysis is done using RichTL
www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
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www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal