• Vasily Trader

GOLD (XAUUSD): And Now We Are in Consolidation! What is NEXT?

Hey traders,

It turned out that 🔻gold is now trading in a consolidation.

The test of 1834 local structure high and a consequent bearish reaction

make the market stuck in a horizontal trading range.

1790.0 - 1794.0 is its support.

1830.0 - 1834.0 is its resistance.

It looks like bears will push to the lower boundary of the range now.

I managed to catch a very nice short trade from the resistance with a nice double top as a confirmation on 1H.

I will hold my short trade during the weekend.

1️⃣ If you missed shorting, wait for a test of support for buying.

2️⃣ Alternatively, the retest of the range's resistance may give a nice spot to short.

Don't forget about an intraday confirmation as your entry reason.