• Vasily Trader

GOLD (XAUUSD): Have You Seen This BEAR MOVE?! What is Next

Hey traders,

I guess we all were surprised how the price dropped yesterday.

With NPF Gold lost almost 2,5%.

What's now?

Ahead, a key structure support and summer's low.

1750 - 1760 is a demand area.

I will look for an intraday confirmation within that zone to buy catching a pullback.

What is confirmation?

To me, confirmation is a reversal pattern ( h&s / double bottom /triangle/ wedge )

being formed within an underlined zone and its neckline breakout.

Closest support for target - 1787.

Alternatively, if you are looking for shorting opportunities,

consider a bearish breakout (daily candle close below) of an underlined yellow structure.

It will push the market to lower structure levels.

Have a great weekend!