Gold (XAU/USD) Technical Outlook by AliForexTalks

Nice set up :+1:

How low do you think we can go with Gold? Back down to $1650?

Gold seems to have found its support around 1807.80. The price had its second bounce at the level. If the price makes a bullish breakout at 1878.60, the bull may dominate in Gold.

Just watching gold all week and its literally moving side to side maybe there is volatility coming soon

I can a bull trap over equal highs to entice traders before another run South

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What do you mean by bull trap?

The H4 chart shows that the price had bounced at the level of 1697.90 twice. Thus, the buyers may push the price towards the North. However, a down trending trend line is still in play, which may work as a level of resistance here.

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Yeah looks to me like its found some strong support at the moment

Very bearish lately, but can see a potential pullback to around the 1800 area - but then maybe a continuation to the downside.

The H4 chart shows that the price gets caught within a triangle. The next breakout is going to be the key to determine its direction. The Bull seems to have an upper hand here.

I prefer to look into 1D chart and the situation there is becoming interesting but let’s see next week action.

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What timeframe would you enter on after checking that?

Gold has been bullish by obeying an up trending trend line. Gold is traded around the trend line at the moment. Traders may wait for the price to make a bearish breakout to go short or to produce a bullish reversal pattern to go long in Gold.

The price still obeys the trend line. It is at the support of that trend line. A bullish reversal candle at the trend line’s support may push the price towards the North.

Nice to see Gold on this bull run. I had a nice trade going but closed before NFP last Friday. Definitely missing out on a few pips but better to have some then none.

Gold made a good bearish move in the H4 chart. However, it has been bullish for a long time. Thus, the sellers may wait for Gold to produce a strong bearish reversal pattern such as Double Top to find short opportunities.

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Just a retracment I think

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Its definitely in need of one. Been very powerful moves recently

Gold has been bullish in the H4 chart. A bullish breakout at 1760.65 may push the price towards the North further.

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What underpins the bullishness for you?