GOLD: 🐻 vs 🦬 ! Who wins?

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

עסקה פעילה:

The price managed to open above the infamous trend line

I think we might retest the 0.5 Fib level again