I am bearish because, the pattern shifter over after hitting the 1875 area of support and reversing abruptly.
The potential area of bounce or TP1 and TP2 Zones are the marked rectangles.
Keep an eye on the false breakout area. It is possible but not mandatory.
Insight - Weekly trend moving in an upwards channel and a downtrend inside the channel. Support 1562.37 - 0% on the fib so price should go upwards unless pushed down by fundamental events. Price is likely to go long break resistance at 1584.27
Intraday : Buy
Buy or above 1562.37
Target TP: 1584.27 & 1597.81
Pivot and support: 1562.37
Insight - Overall trend moving in an upwards channel and a downtrend inside the channel. Support 1632.30 - 50% on the fib. Price is likely to go long break resistance at 1648.98 - 61% on the fib and follow the overall trend of the upwards channel.
Intraday : Buy
Buy or above 1632.30
Target TP: 1648.98 & 1669.62
Pivot and support:...
XAUUSD UPDATE for Weekly Forecast Results 20th-25th Jan 2020
- Target 1 Hit when market opened.
- Market doing a nice pullback towards my buy zones
- Ive added another level at the previous shoulder @1541 for potential shorter time frame hold zone ( inverted head and shoulders)
All analysis was sent on sunday on all my platforms
XAUUSD Weekly Forecast 20th - 25th Jan 2020
- As 2020 starts all markets will potentially be more volatile while they settle into a good structure for the rest of the year so with all new trades make sure your risk management is on point!
- Gold has slowed down after fundamental tensions have calmed down.
- Still looking for bullish moves in the market as it...