GOLD (XAU/USD): detailed chart breakdown. Where are we headed?
For a whole month from 18/04 till 18/05, Gold experienced a massive bearish run. As it can be inferred from the graph, the price was ranging within the borders of the formed descending channel before printing a massive bullish candle and breaking out of it.
The price has been consolidating ever since breaking the upper boundary of this downtrending range. As it is written in the textbooks, after a consolidation phase is over, an impulsive move is on the verge of happening.
On the 10th of May, right before the market closed, a really strong bullish candle was printed. This gives us confidence in the fact that bullish moves may be around the corner.
We are gonna closely monitor the price action and patiently wait for the price to break the upper boundary of the sideways-moving range before we launch BUY positions and aim for two targets illustrated on the chart.
Happy trading, family!
The price has been consolidating ever since breaking the upper boundary of this downtrending range. As it is written in the textbooks, after a consolidation phase is over, an impulsive move is on the verge of happening.
On the 10th of May, right before the market closed, a really strong bullish candle was printed. This gives us confidence in the fact that bullish moves may be around the corner.
We are gonna closely monitor the price action and patiently wait for the price to break the upper boundary of the sideways-moving range before we launch BUY positions and aim for two targets illustrated on the chart.
Happy trading, family!
