Xauusd analysis - 04/09/2021

Hello everyone


The price of gold maintains an upward trend, now we have reached the resistance of 1832.913, forming a bullish pennant pattern.

There are two possible scenarios, one bearish and one bullish.

In the case of the bullish scenario, it would be what we see in the chart, look for a retracement to the 0.618 fib level (1815.60), retest the bullish pennant pattern and take a momentum that allows us to break that resistance.

We would look for targets at -.0272 and -0.618 from fib

In the case of the bearish scenario, it would be in the event that this analysis was invalidated since having this important resistance there will have executed many sales orders.

In the event that my analysis is invalid, I would update the setup.

During the next few days we will see how the graph develops and in case we have input I will send a new analysis

You can leave your opinion below, thanks

Trader Dark Eyes



Information about the chart:

White line: TF 1D

Yellow Line: TF 12H

Gray Line: TF 4H

Blue arrow: Possible projection

Horizontal white line: Supports and resistance

Red line: Channels and patterns