XAU/USD Weekly analysis 19-Aug-2024

18 thg 8

The price reached over 2500
Some people see this as a sign of rising Gold
But just as there are signs to climb, signs can also be the reason for price reduction and correction

In the 4H time frame, cup and handle pattern seems to have formed
And given the break of the cup level, we expect the price to rise (at least as much as the depth of the cup)

And it also seems that the dynamic resistance line has been broken in the weekly time frame, which is also a reason to confirm the rising price.


But on the other hand;
By examining the weekly time frame, the price has been in the range zone for a long time, on the very strong dynamic resistance line
And in smaller time frames, in addition to hitting the resistance surface, it has formed a wedge

At the same time, we see divergence in almost all time frames, weekly to 15 minutes

SO:
I think the price is at a decisive level for the coming weeks;
If the formed wedge breaks upwards, a very strong uptrend will begin
And a new window opens to new gold prices
And 2500 is a very strong support level
And if the correction takes place and breaks the level of 2430, we will have correction until at least 2330

*Be profitable

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