GOLD (XAUUSD): Wait For Confirmation
Update on Gold 📈
The setup we posted earlier is no longer valid as the Gold price failed to break the neckline of the double top. Now it appears that Gold may be getting ready for a bullish trend.
Analyzing the 4-hour time frame, we spotted a descending resistance trend line and a confirmed break above it.
The key level for buyers to overcome is the support range of 2638 - 2655 on the 4-hour time frame.
If this level is broken and closed above, it will indicate a strong bullish signal. Subsequently, a bullish trend could extend to at least 2700.
The setup we posted earlier is no longer valid as the Gold price failed to break the neckline of the double top. Now it appears that Gold may be getting ready for a bullish trend.
Analyzing the 4-hour time frame, we spotted a descending resistance trend line and a confirmed break above it.
The key level for buyers to overcome is the support range of 2638 - 2655 on the 4-hour time frame.
If this level is broken and closed above, it will indicate a strong bullish signal. Subsequently, a bullish trend could extend to at least 2700.
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