• Vasily Trader

GOLD (XAUUSD) Two Scenarios For Next Week Explained

Hey traders,

Analyzing a price action on GoldI see two potential scenarios for next week.

  • Bearish The price formed a head and shoulders pattern on 12h chart. 1790 - 1795 is its neckline. In case if the price breaks that and closes below, bearish continuation will be expected. Next support will be 1756

  • Bullish Do not forget that the price is still trading in a local bullish trend . For now, the price is trading above the last higher low level so technically speaking we are still bullish . The price formed a falling wedge pattern on 4H chart. In case of its bullish breakout, bullish continuation will be expected to retest a current structure high. Goal - 1831

Wait for the trigger and follow the market.

Are you bullish or bearish on Gold?