XAUUSD (GOLD) Technical Analysis 2

4 cze 2020

Gold has completed a retest to the H3 (3 hours) bullish (falling) wedge and has formed a new resistance trendline of another bullish (falling) wedge sharing a common support level and common point at 1763.09 with the original wedge. And is bullish heading towards a resistance level at 1736.01 which is also crossed by this new resistance trendline from support level 1679.69. Should gold break through the resistance level and price action confirms, it will head for the long term - D1 (1 day) bearish (rising) wedge resistance trendline hitting 1778.06 and deep (sell) heading towards support level at 1467.93 with main levels (TP's) at 1679.69, 1640.97, 1585.66....
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Please remember, this is my idea and I stand to be corrected.

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5 cze 2020

Uwaga

So XAUUSD (gold) failed to break through the resistance level and instead took a dive straight down breaking through previous support level 1691.89 and touching support level at 1679.69 and is currently trying to bounce back from that level. On the H3 (3 hours) chart, gold has start yet a steeper downward channel, and price may therefore consolidate between support level 1679.69 and resistance level 1719.40, should price fail to break through this level say at around price 1697.18, I expect it to fall yet again heading towards, support level 1640.97

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