Gold (XAUUSD) is respecting a technical pattern I’ve pointed out a few times recently.
As I mentioned last Saturday, 1910 is a confluence of resistance.
It’s also the top of what could be a falling wedge.
But to be clear, even if XAUUSD takes out the 1850 support area, the uptrend since 2016 is intact.
That’s why I’ve been in favor of buying dips since April.
If the 1850 region gives out over the coming sessions, look to 1790.
Notice how 1790 was a key factor in 2011 and 2012.
As such, any retest of 1790 is likely to trigger an influx of buying pressure.
Alternatively, XAUUSD may decide to break out from 1910 here and now.
A daily close above that 1910 area would be bullish.
It would also expose some of the recent highs near 1970 followed by 2015 and perhaps 2075.
[thrive_custom_box title=”” style=”dark” type=”color” color=”#fef5c4″ border=”fadf98″]
Want Me To Help You Become A Better Forex Trader?
Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in October!
[/thrive_custom_box]
Want me to help you become a better Forex trader?
Get a Lifetime Membership to Daily Price Action today and receive access to Justin’s full price action course, dozens of forums with over 3,000 members, daily videos of trade ideas, direct access to Justin, and much more!
Save 40% on a lifetime membership in October!
hi justin, it appears someone is ripping off your content on tradingview. pls take a look https://www.tradingview.com/chart/XAUUSD/Z8VBZ5wQ-XAUUSD-Technicals-Update/
Thanks for letting me know.
Thanks for the updates.