Ideas For XAUUSD / GOLD
GOLD → Prerequisites for rise and fall. What to do?
AntiScam Protection: Check links and contacts! Gold is forming a false breakdown relative to upward channel support. A pin bar is forming on the daily chart, but what could be wrong? What's next?
Although we have an uptrend and a false-break of the channel support, we have the preconditions for the possible beginning of the fall.
The false-break-down is rather deep and it is hard to expect that the uptrend will continue.
The price goes back to the retest of the previously broken line and goes back to the channel. But - this return to the channel might just be a trap for additional liquidity by the big player.
But, if the price can hold above
the channel support or the
1995 level, the rise will continue.
Strong support: lower boundary of the channel, the 1988 level.
Strong resistance: 2000, 2010. Very high probability for breaking 1988
There is a huge pool of liquidity below.
On the daily chart there is a very weak reaction to a false break of the 1988 level. Price is exerting pressure on support
#XAUUSD
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