GOLD (XAUUSD) Two Scenarios For Next Week Explained 🥇

24 thg 7, 2021

Hey traders,

Analyzing a price action on Gold I see two potential scenarios for next week.

Bearish
The price formed a head and shoulders pattern on 12h chart.
1790 - 1795 is its neckline.
In case if the price breaks that and closes below, bearish continuation will be expected.
Next support will be 1756

Bullish
Do not forget that the price is still trading in a local bullish trend .
For now, the price is trading above the last higher low level so technically speaking we are still bullish .
The price formed a falling wedge pattern on 4H chart.
In case of its bullish breakout,
bullish continuation will be expected to retest a current structure high.
Goal - 1831

Wait for the trigger and follow the market.

Are you bullish or bearish on Gold?

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