GOLD- A weak bear is still a bear
Hello everyone
The last weekly bar closed with a long shadow at the bottom.This shows less selling pressure and maybe a reversal may occur on XAUUSD ,which will give us two possible outcome;
1- A bounce from our support level of 1850$ which may turn into a possible bull trend and that may happen in 2-3 days (a simple down trend on lower time frames).
2- the bear trend continues, maybe due to a bad news , a breakout of our current channel and touching the next support which is 1825$.
For now, I would take sell signals only because of the trend and the 2 last bars on daily.
The last weekly bar closed with a long shadow at the bottom.This shows less selling pressure and maybe a reversal may occur on XAUUSD ,which will give us two possible outcome;
1- A bounce from our support level of 1850$ which may turn into a possible bull trend and that may happen in 2-3 days (a simple down trend on lower time frames).
2- the bear trend continues, maybe due to a bad news , a breakout of our current channel and touching the next support which is 1825$.
For now, I would take sell signals only because of the trend and the 2 last bars on daily.
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