GOLD (XAUUSD) Price Action Analysis & Technical Outlook 🥇

16 paź 2021

Hey traders,

A lot of questions about Gold.
Analyzing a price action on a daily and following the impulse legs from 1721 September's low
we can derive that the market is trading in a local bullish trend.

With an initial bullish impulse to 1781 and a retracement to 1745
the price managed to set a new higher high higher close then.
Now the area between a current October's high - 1800 & the last higher low - 1745
is a so-called bulls' zone.

Within that entire area, we expect a bullish accumulation & continuation.

Next week look for confirmation within the underlined zone and look for buying opportunities there.

Your initial target will be the retest of the current high.

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17 paź 2021

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