Another drop for gold

7 thg 12

Hi traders,

XAUUSD did not much last week.
It's consolidating in the Daily FVG.
It looks like it's making a Triangle correction pattern (orange wave B).

So next week we could see another impulsive leg down to finish the (orange) A-B-C ZIgzag correction.

Or it turns out that the whole bigger correction is a Triangle and we see the next impulsive wave up after it closed above the Daily FVG. Then you could trade longs.

Let's see what price does and react.

Trade idea: My main idea is the first one.
So I would wait for the sweep of the liquidity above and a change in orderflow to bearish to trade shorts.

If you want to see more from my analysis, please make sure to follow me, give a like and respectful comment.

This shared post is only my point of view on what could be the next move in this pair based on my analysis. I do not provide trade signals.

Don't be emotional, just trade!

Eduwave