XAUUSD Bullish Pattern
We have seen a significant drop on XAUUSD in the past few weeks to 1720 which was very close to my expectation in my previous analysis of gold, a drop to 1715.
But, currently, we can see a bullish pressure and a higher low structure in the 1H time frame. If we take a look at the last movement of price, it had a strong upside move and then a weak downside correction which has made a bullish flag pattern as well.
Although this is a risky trade, If price breaks the flag pattern and closes above this formation which is above 1738 in 1H, we can expect a rise on XAUUSD to 1751.
But, currently, we can see a bullish pressure and a higher low structure in the 1H time frame. If we take a look at the last movement of price, it had a strong upside move and then a weak downside correction which has made a bullish flag pattern as well.
Although this is a risky trade, If price breaks the flag pattern and closes above this formation which is above 1738 in 1H, we can expect a rise on XAUUSD to 1751.
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