Potential for gold to run it back to 1900?
XAUUSD - On the montly timeframe gold has created a huge pinbar spiking to a double bottom (1676) hence why i think there is more upside potential for gold in Q4.
On the daily timeframe gold has spiked down to the monthly lows and has since recovered quite rapidly creating new higher highs and higher lows. where it now comes across it first major resistance at 1829/1830 region. this is the region where it in the beginning of the month started its sharp correction to the lows so be wary.
What i'm waiting for now is for gold to correct a little bit and for it to retest the previous structure it made to enter a possible buy setup. When gold does break it 1830 i think it has alot more upside potential running back to the 1900's.
*When gold breaks 1798 this setup would be invalid*
On the daily timeframe gold has spiked down to the monthly lows and has since recovered quite rapidly creating new higher highs and higher lows. where it now comes across it first major resistance at 1829/1830 region. this is the region where it in the beginning of the month started its sharp correction to the lows so be wary.
What i'm waiting for now is for gold to correct a little bit and for it to retest the previous structure it made to enter a possible buy setup. When gold does break it 1830 i think it has alot more upside potential running back to the 1900's.
*When gold breaks 1798 this setup would be invalid*
Comment:
Gold spiked down in the region took a buy from 1803. Goodluck to all if this 1H doesnt close as a pinbar we'll re-evaluate