XAUUSD 2021 May 23 Week (Intraday)
XAUUSDXAUUSD 2021 May 23 Week (Intraday)
Weekly | Daily | H4 = Bullish
Scenario 3 from last week played out.
3) If breakout of recent high, price may test next supply zone 1870
Impressive move by Gold to > 1870, reaching 1890! What determination to breakout, noticed by
bar 2's absorption volume.
It is no surprise that market will return to test as it needs to mop up supplies and we did see a few tests,
tracing the demand line of a previous uptrend channel.
Subsequently market was somewhat messy, where probable trades were when price bounced from a
previous channel.
On hindsight, 20 May was not good trading day, waited but no set up, somewhat tiring lol.
Note for next week:
1) Bullishness is expected to continue.
2) Above the red zone, grey boxed, is a previous rotation zone, trade with care when market revisits the zone.
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Have a profitable trading week.
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