Gold (XAUUSD): Before The Market Closes 🟡

23 thg 12, 2022

The last update for Gold before Christmas!

As I told you many times: the price is stuck on a key weekly structure.
The price formed 2 doji candles on that, signifying the weakness of bulls.

Analysing the price action on a daily, we may spot a sharp bullish impulse that initiated in November.
However, closer the market was to the underlined resistance, slower it became.

The price formed a rising wedge pattern, approaching that resistance.
Yesterday, gold has nicely retraced from that, setting an equal high.

While the market remains weak, I believe that the price will keep trading within the boundaries of the wedge.
You can consider scalping its boundaries, or you can wait for a bearish breakout of its support (daily candle close below) to short.

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