GOLD (XAUUSD): 2 Scenarios Explained 🥇

7 Feb 2023

Gold is currently approaching a major rising trend line on a daily time frame.
Depending on the reaction of the price to that, I see 2 potential scenarios.

Bearish scenario
If the price breaks and closes below the trend line on a daily,
I will expect a bearish movement to 1832 level.

Bullish scenario
The price formed an ascending triangle formation on 4H.
1878 - 1881 is its horizontal neckline.
If the price breaks and closes above that on a 4H, I will expect a bullish movement
at least to 1895.

Wait for a breakout, that will be the trigger.

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