GOLD: 🐻 vs 🦬 ! Who wins?

15 בדצמ׳ 2021

Hi everyone 👋🏽

🕊 Wish y'all have a profitable lifestyle 🍀

📌 XAUUSD- Weekly Time Frame - Heiken Ashi

📌 Support Resistance - Triangle Pattern - RSI

📍GOLD has formed a very long correction wave since its ATH in 03 AUG 2020.

📍 Since then we are in descending triangle; in which we have already seen two fake breakouts (I will share my older TAs with y'all)

📍 We have two very important resistance zone:

1- 1908 and 0.618% Fibonacci level
2- 1860 and 0.5% Fibonacci level

📍 We also have one very major support line : 1680s

✍🏼 I personally think we might again see 1740s support / resistance zone then afterwards we might go for another breakout of the descending triangle and we might again see another fake breakout

✍🏼 There is also another scenario: price directly goes to 1680s and retest of the major resistance zone therefore the GOLD's bulls will be in trouble at least for mid-term

Here is my fake breakout TA on GOLD :

THIS IS NOT A FINANCIAL ADVICE
PLEASE DO YOUR OWN RESEARCH BEFORE TAKING ANY SELL OR BUY POSITION
GOOD LUCK
NP TRADER

25 בינו׳ 2022

עסקה פעילה

The price managed to open above the infamous trend line

I think we might retest the 0.5 Fib level again