I have been having this mind for a 1-2 months back, that XAUUSD might again go up reaching $2000 and possibly break up higher.
Here's the fact that I know:
So, nothing to do for me as of now, just waiting (and practice patience).
Here's the fact that I know:
- It has formed a bullish continuation pattern with a breakout of the local rejection channel. Price wasn't just reject the channel, it broke out confidently and buyers are in control these past few days.
- It has bounced from the support area formed in Feb-Mar 2023.
- There is a major resistance area around $2040 - $2080, that has been tested 3x (Aug 2020, Mar 2022, May 2023). See:
- A large potential Fair Value Gap (FVG) is about to form, which will gives us a good buy enter price at a discount price there. We will see this on roughly Tuesday (17 Oct) or Wednesday (18 Oct). I will be taking a BUY trade along this area. See:
So, nothing to do for me as of now, just waiting (and practice patience).
Comment:
WOW! Just wow...! the pullback wasn't touched at all, it goes straight UP! Lucky I caught the trade.