GOLD (XAUUSD): Technical Outlook & Important Decision Ahead 🥇

Here is my detailed analysis for Gold.
As you can see, the market is trading in a strong bullish trend.
The price is steadily growing within a rising parallel channel.

After the price reached its resistance, it started to consolidate within
a narrow horizontal range on a 4H.

We are expecting a PMI report and Powell speech later on today.
Depending on the news, I see 2 potential scenarios.

Bullish scenario.
Bullish breakout of the resistance of the range - 4H candle close above
may signify the strength of the buyers.
A bullish continuation will be anticipated to 2060 then.

Bearish scenario.
The price may respect the resistance of the range and drop from that,
extending the consolidation. Monitor the reaction of the price to that,
and wait for a bearish pattern to sell.

I would suggest strictly waiting for the news first.
I will post the update then.

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Trade chiuso: obiettivo raggiunto:

Nice breakout!