GOLD (XAU/USD): amazing scenario. What's the next move?
As it can be clearly observed from the 4H timeframe graph, the price has printed a massive bullish candle and pushed above the previous area of resistance which now acts as a support. Looking at the previous few candles, we can see how nicely the price has formed some wicks and rejected the local key zone that lines up with 50% Fibonacci retracement level. This signifies that the price is forming a bottom and getting ready to continue its bullish movements.
We will be closely monitoring the price action and looking forward to opening BUY positions and aiming for the area of resistance plotted on the chart.
We will be closely monitoring the price action and looking forward to opening BUY positions and aiming for the area of resistance plotted on the chart.
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