XAUUSD
After yesterday Bearish flag formed and rising wedge broken, I see further lows, with the following notes:
1. High volatility, due to unstable situation with Iran, people running to safety buying gold and bitcoins :)
2. Market squeeze (high sporadic volumes, buy and sell) causing market to squeeze, meaning - large moves within short periods of time
3. Speculators trading (that's always true in markets with swings)
Few possible scenarios,
1. Go up to 1570-1580, form H&S (market reversal towards short)
2. Go towards 1604-1611 (yesterdays' high) and drop towards 1505 (form double TOP formation)
3. Drop from 1570-1580 (better risk trade-off for short entry)
4. Drop now from 1557 to 1505 (highly unlikely)
Why market is not going down?
1. Break below 1551 should be completed with high volume (which is very sporadic now) and it is not happening - low volume, and react to News
http://198.24.47.125/analisys/Gold_analysis_01082020_short.JPG