GOLD (XAUUSD): Two Potential Scenarios 🥇

As I predicted, Gold bounced to a strong horizontal resistance yesterday.

Analyzing the price action we may see a classic accumulation and indecision
within a contracting area based on a strong horizontal resistance and a rising trend line.

Based on a current price action I would consider two potential scenarios:

• Bullish breakout of the underlined blue area will most likely trigger a bullish movement
  all the way up to 2000 level.
  
  
• Bearish breakout of the rising trend line may lead to a bearish move to 1940 level.
  

Personally, I am very bullish biased and I am preparing for a bullish breakout.
But anything can happen.
Wait for a breakout & only then follow the market.

Let me know what do you expect?

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Comment:

Check my new analysis on NZDCAD: