BULLISH AND BEARISH POTENTIAL ON GOLD

7 thg 10, 2020

In this chart we see a deep confluence with the DXY Dollar Index and potentially from USDJPY, with a large range seen in the blue horizontal lines (1914.98-1883.89) we see a clear liquidity pool in this area which helps pull out potential for directional bias even though there are still areas where a horizontal ray can be placed to show bullish or bearish price areas and candlestick forms. We see here we have a longterm downtrend with the potential of a bullish breakout in the form of a bullish wedge which I dont expect to be that big looking at the parameters (see blue price range in centre of chart), i expect a major push to the downside with the longer timeframes showing potential for a bearish move down into the 1883 regions , if this area is broken i see strong potential for for a move down into a target range of 1865, so that brings us a situation where we can take profit from a small bullish move and large bearish move