GOLD (XAUUSD) Two Scenarios For Next Week Explained ๐Ÿฅ‡

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Hey traders,

Analyzing a price action on Gold I see two potential scenarios for next week.

  • Bearish
    The price formed a head and shoulders pattern on 12h chart.
    1790 - 1795 is its neckline.
    In case if the price breaks that and closes below, bearish continuation will be expected.
    Next support will be 1756

  • Bullish
    Do not forget that the price is still trading in a local bullish trend.
    For now, the price is trading above the last higher low level so technically speaking we are still bullish.
    The price formed a falling wedge pattern on 4H chart.
    In case of its bullish breakout,
    bullish continuation will be expected to retest a current structure high.
    Goal - 1831


Wait for the trigger and follow the market.

Are you bullish or bearish on Gold?

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Check my new analysis on OIL:
CRUDE OIL (WTI) One More Bearish Leg?! ๐Ÿ›ข๏ธ
Chart PatternsfuturesGoldHead and ShouldersSilverWedgeXAG USD ( Silver / US Dollar)XAUUSD

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