• Vasily Trader

GOLD (XAUUSD): Important Confluence Zone! Technical Outlook

With a very bullish Friday, Gold( XAUUSD) reached a peculiar zone of confluence on a daily:

we see a perfect match between a horizontal structure resistance and a rising resistance line of an expanding wedge pattern.

On Monday, I will look for a confirmation on lower time frames (4h/1h) to sell.

In case of an initiation of a bearish move, we may expect a pullback to the support line of an expanding wedge .

Alternatively, a bullish breakout of the underlined yellow zone will signify a further bullish continuation.

Have a great weekend!