Hello, dear TradingView members.
This idea is a Gold analysis.
Gold (XAU) is still consolidating and moving sideways below the local resistance. It once moved higher to the solid resistance level, but a fake breakout caused the rejection.
The price moves sideways and consolidates to gather strength and buys volume to pump back up.
RSI shows a healthy market below 50 which is a good sign.
Scenario one:
A breakout:
After moving above support a little longer, we will experience a pump and another attempt to break resistance.
Scenario two:
The price will either go higher without enough volumes to get rejected fast or lose strength and fall on lower support levels.
The Bollinger Bands are about to squeeze, which means price action will push the price up or down in the coming days.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
This idea is a Gold analysis.
Gold (XAU) is still consolidating and moving sideways below the local resistance. It once moved higher to the solid resistance level, but a fake breakout caused the rejection.
The price moves sideways and consolidates to gather strength and buys volume to pump back up.
RSI shows a healthy market below 50 which is a good sign.
Scenario one:
A breakout:
After moving above support a little longer, we will experience a pump and another attempt to break resistance.
Scenario two:
The price will either go higher without enough volumes to get rejected fast or lose strength and fall on lower support levels.
The Bollinger Bands are about to squeeze, which means price action will push the price up or down in the coming days.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
