Weekend Analysis - Daily TF - Gold - Bullish Breakout
Since the middle of April, price has been consolidating in an Ascending Triangle formation with price forming a Flat Bottom on Institutional Level 1680. On the second week of May, price has formed an upside break of Ascending Triangle and surge to tap the Institutional Level 1760 before it retraced lower toward Institutional level 1720 where it temporarily found some level of support.
On the daily MSB Fib Long, price has rejected the 62 level, EMA 14 and Institutional Level 1720. However, as price rejected the Institutional level 1750, the price has formed a strong Bearish Engulfing wiping out all the gain in the week.
My bias on this pair is still Bullish, However, I expect a steeper corrections towards Institutional level 1710 where it has confluece with the 79 Bounce.
On the daily MSB Fib Long, price has rejected the 62 level, EMA 14 and Institutional Level 1720. However, as price rejected the Institutional level 1750, the price has formed a strong Bearish Engulfing wiping out all the gain in the week.
My bias on this pair is still Bullish, However, I expect a steeper corrections towards Institutional level 1710 where it has confluece with the 79 Bounce.