Based on the chart, for XAUUSD, price reached a major support area and a rejection is about to happening but it's not completed yet!
So at this moment we can have to different scenarios that we are talking below:
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1. Price rejection from the support level is completed and the price moves up
2. The rejection of price will fail and the major support area will break. Then we've to be ready to sell at the pullback.
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So what do we think about the price movement right now?
Currently we have more bullish bias about the next movement of price. So let's check our reasons:
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1. We are in bullish trend (Bullish)
2. Price reached to the bottom of a bullish channel (Bullish)
3. Price reached to a support area at the moment (Bullish)
4. RSI(14) is in oversold area (Bullish)
5. It has been a strong bearish movement which lead the price to the bottom of the channel (Bearish)
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So based on the following scenarios we can still have bullish bias otherwise the scenario changes.
However consider that these are different scenarios and we do not have enough proofs for buy or sell right now (That's why we set this analysis as Neutral)
But let us see what do you think about the next movement? up or down and why? please bring your reasons and feel free. Your idea is always valuable to us!
Good luck and thanks for supporting us!
So at this moment we can have to different scenarios that we are talking below:
----------------------------------------------------------------
1. Price rejection from the support level is completed and the price moves up
2. The rejection of price will fail and the major support area will break. Then we've to be ready to sell at the pullback.
----------------------------------------------------------------
So what do we think about the price movement right now?
Currently we have more bullish bias about the next movement of price. So let's check our reasons:
***************************************************
1. We are in bullish trend (Bullish)
2. Price reached to the bottom of a bullish channel (Bullish)
3. Price reached to a support area at the moment (Bullish)
4. RSI(14) is in oversold area (Bullish)
5. It has been a strong bearish movement which lead the price to the bottom of the channel (Bearish)
***************************************************
So based on the following scenarios we can still have bullish bias otherwise the scenario changes.
However consider that these are different scenarios and we do not have enough proofs for buy or sell right now (That's why we set this analysis as Neutral)
But let us see what do you think about the next movement? up or down and why? please bring your reasons and feel free. Your idea is always valuable to us!
Good luck and thanks for supporting us!