GOLD (XAUUSD): Signals Of Slowing Momentum?! ๐ฅ
https://www.tradingview.com/x/dpR46nei/
Many of you asked me to share the updated analysis for Gold.
Analyzing a 4H time frame, we can see some signs of a slowing bullish momentum:
after a strong bullish impulse that the price formed last week,
we see a contracting price action within a rising wedge pattern.
The price managed to reach 2300 - an important psychological level.
After its test, the market found equilibrium and formed a doji candle.
Today we see a some pullback.
Weakening US Jobs data release may have a bearish effect of the market.
I believe that a bearish violation of a support of the wedge can be a confirmation
of an initiation of a correctional movement.
I do not recommend selling though because it is obviously too risky from a current perspective.
Not only that, but I would rather look for a pullback to then buy the market from a safe level.
โค๏ธPlease, support my work with like, thank you!โค๏ธ
Many of you asked me to share the updated analysis for Gold.
Analyzing a 4H time frame, we can see some signs of a slowing bullish momentum:
after a strong bullish impulse that the price formed last week,
we see a contracting price action within a rising wedge pattern.
The price managed to reach 2300 - an important psychological level.
After its test, the market found equilibrium and formed a doji candle.
Today we see a some pullback.
Weakening US Jobs data release may have a bearish effect of the market.
I believe that a bearish violation of a support of the wedge can be a confirmation
of an initiation of a correctional movement.
I do not recommend selling though because it is obviously too risky from a current perspective.
Not only that, but I would rather look for a pullback to then buy the market from a safe level.
โค๏ธPlease, support my work with like, thank you!โค๏ธ
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