Market Instrument: XAUUSD
Timeframe: Daily
Analysis: Technical
Structure: Resistance with Ascending Triangle
Prediction: Bullish
Here in this price action for gold, the price is laddering up on this following bullish trend line formed. But the resistance which I have picked up here is killing the bulls several times from breaking above where it acts as a resistance on the chart. During the coming weeks if we managed to spot a bullish breakout on this key resistance we may see a quick rally in prices towards 1870-1915 highs formed previously. Any bearish price action which may break down through the trend line will invalidate the following structure.
Timeframe: Daily
Analysis: Technical
Structure: Resistance with Ascending Triangle
Prediction: Bullish
Here in this price action for gold, the price is laddering up on this following bullish trend line formed. But the resistance which I have picked up here is killing the bulls several times from breaking above where it acts as a resistance on the chart. During the coming weeks if we managed to spot a bullish breakout on this key resistance we may see a quick rally in prices towards 1870-1915 highs formed previously. Any bearish price action which may break down through the trend line will invalidate the following structure.