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

1 gen 2023

Hey traders,

Analyzing a price action on a daily time frame, I see 2 potential scenarios for Gold for next week.

Bearish Scenario
From a sellers' perspective, the price formed a rising wedge pattern.
Its support breakout (daily candle close below) will be a strong bearish signal.
I will expect a bearish movement at least to 1788 then.

Bullish Scenarios
From a buyers' perspective, however, I see a classic ascending triangle.
1817 - 1833 is its neckline. If the price breaks and closes above that on a daily,
a bullish continuation will be expected. Next goal will be 1860.

Wait for a breakout, that will clarify the future direction of the market.

What do you expect?

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