GOLD (XAUUSD): Your Detailed Technical Outlook 🥇

17 Sep 2022

Hey traders,

Important decision is ahead on Gold.
The price reached a lower boundary of a horizontal trading range on a monthly time frame.
Depending on the reaction of the price to that structure, I see 2 potential scenarios.

If the price breaks and closes below the support of the range,
I will expect a bearish wave to much lower levels.
The closest support will be 1500.

Analyzing a weekly time frame, I spotted a falling parallel channel.
If the price breaks and closes above its resistance, I will expect a bullish move.
The next goal for buyers will be 1800 then.

Wait for a breakout, traders, that is the best strategy to follow now.
Be very careful!

What do you expect?

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