Hello everyone this is my gold idea on daily time frame ... XAUUSD
Price broke an important support which is the black line and since then it seems that price is ranging in a downtrend channel which also could be a bullish flag … price managed to break it before and closed above it .. However .. vaccine news
came and price came back into the channel resulting a fake breakout ..
Right now we continue to range in the channel .. and today it seems price is testing the upper line of the channel
will we break it and close above ? or price will get rejected ...
For bulls if price close above red line we target new high as long as red line stay as support no daily candle close below
we can buy from green line target red line as long as no daily close below green line
For bears if price close below green line it is bearish for gold ..
we can sell from red line target green line as long as price doesn't close above red line \
for any question feel free to ask :)
Price broke an important support which is the black line and since then it seems that price is ranging in a downtrend channel which also could be a bullish flag … price managed to break it before and closed above it .. However .. vaccine news
came and price came back into the channel resulting a fake breakout ..
Right now we continue to range in the channel .. and today it seems price is testing the upper line of the channel
will we break it and close above ? or price will get rejected ...
For bulls if price close above red line we target new high as long as red line stay as support no daily candle close below
we can buy from green line target red line as long as no daily close below green line
For bears if price close below green line it is bearish for gold ..
we can sell from red line target green line as long as price doesn't close above red line \
for any question feel free to ask :)