XAUUSD Analysis April 19, 2020
Gold currently broke Resistance Level and is currently sitting on it. There are two options to consider:
1. This is a break and retest of structure for gold to push to the 1800's
OR
2. This may very well be a fake out and market may continue bearish momentum.
For option 1 to be confirmed we need to see rejection from current level where market is sitting now.
Option 2 however is mostly likely seeing that on the 4H timeframe market broke bullish trend. For this to be confirmed we need to see a a retest of structure as indicated with the down (yellow) arrows before we sell. If this option becomes to fruition we could see gold pushing to the 1400's to form a double bottom seeing that gold currently have been been forming quite a bit of reversals using double bottoms and double tops.
1. This is a break and retest of structure for gold to push to the 1800's
OR
2. This may very well be a fake out and market may continue bearish momentum.
For option 1 to be confirmed we need to see rejection from current level where market is sitting now.
Option 2 however is mostly likely seeing that on the 4H timeframe market broke bullish trend. For this to be confirmed we need to see a a retest of structure as indicated with the down (yellow) arrows before we sell. If this option becomes to fruition we could see gold pushing to the 1400's to form a double bottom seeing that gold currently have been been forming quite a bit of reversals using double bottoms and double tops.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.