GOLD (XAUUSD): 2 Scenarios For Next Week Explained🥇

2 Jul 2022

Hey traders,

Gold reached a strong horizontal demand area on Friday.
The price bounced nicely from that.

Analyzing a current perspective I see 2 potential scenarios for next week:

Remember that technically speaking gold is trading in a bearish trend.
For that reason, be prepared for a breakout attempt of 1780 - 1787 area.
If the price closes below that zone on a daily, I will expect a further decline to 1758 level.

On 4H time frame, lower highs are perfectly respecting a falling trend line.
If the price breaks that trend line to the upside next week, I will expect a bullish move to 1850.

As always, breakout trading is the safest strategy to follow at the moment.

What do you expect?

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