XAUUSD
Gold!!! Is the Shiny precious metal losing its 'flight to safe haven status' OR is this the opportunity to scale in to our Long positions and ride it to the absolute HIGHS?
with the possibility of a potential correction / phase of distribution around the April 2020 swing high?
Focusing on the overal market structures, using top down analysis.
The 4hour ascending equi channel has played perfectly, however the recent break to the downside wwas in a bvery corrective descending manner whilst inside a 1hour
expanding wedge formation, which suggests the probability for a move higher in XAU/USD.
We will be looking for the nature of the market to correct into our expanding wedge support level for bullish momentum / closes on the hourly followed by a break and retest ti get long Gold
with our first sights set on the april 2020 resistance.
If we can break this high we have a lot of 'room' above with the probability of testing the absolute highs!
If the market does remain corrective and base / range around these levels we will be looking to short Gold with the view of targeting the 90% probability lows / support area!
As the famous band - Midnight Star once Sung !!!
You've got the Midas Touch, Everything 'you' touch turns to Gold!!!!!
P.S Live your life and be free, you know you can have it all !!!!