Gold (XAUUSD): 2 Scenarios For Next Week Explained 🟡

28 May 2023

Gold is approaching an important horizontal daily support.
Depending on the reaction of the price to that structure, I see 2 potential scenarios.

Bearish Scenario
If the price breaks and closes below the underlined green area on a daily,
it will signify a strength of the sellers and a highly probable bearish continuation.
Next target will be 1900.

Bullish Scenario
The price may also pull back from the underlined support.
To confirm that, watch a falling wedge pattern on 4H time frame.
If the price breaks and closes above its upper boundary,
a bullish movement will be expected to 1977.

Wait for a breakout, it will help you accurately predict the direction of the market next week.

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