XAUUSD GOLD - Where to next?
We been in bullish channel for a while a break down below Red line which you could even see as a trend-line could mean perhaps a shift of direction. However, if we stay above that key support area, the bullish continuation could still occur to the next Fib Retracement area. Remember fundamentally we have Feds meeting this week.
At this current moment of time, we have formed a wedge which is drawn in yellow a break to either direction, for further confirmation you could trade the pull back.
Technical aspects:
Support:1774.520, 1764.020, 1755.770
Resistance: 1797.745, 1806.580, 1814.355
Pattern: Wedge
Remember: This is a just a trade idea, it is important to trade your own plan for further confluence!
Mind Capital
(Just trade idea, not a recommendation)
We been in bullish channel for a while a break down below Red line which you could even see as a trend-line could mean perhaps a shift of direction. However, if we stay above that key support area, the bullish continuation could still occur to the next Fib Retracement area. Remember fundamentally we have Feds meeting this week.
At this current moment of time, we have formed a wedge which is drawn in yellow a break to either direction, for further confirmation you could trade the pull back.
Technical aspects:
Support:1774.520, 1764.020, 1755.770
Resistance: 1797.745, 1806.580, 1814.355
Pattern: Wedge
Remember: This is a just a trade idea, it is important to trade your own plan for further confluence!
Mind Capital
(Just trade idea, not a recommendation)
Comment:
Still within range, FOMC & US data may shift XAU to either direction.