GOLD (XAUUSD): Wave Analysis & Technical Outlook 🥇

29 May 2021

Hey traders,

Gold managed to violate 1875 major structure resistance level and close above that.
Now that structure turned into a strong support.

Being heavily overbought, I believe that soon we will see a pullback.
Taking into consideration that the price is coiling around a resistance of a major rising parallel channel,
at some moment, it may drop all the way down to its support.

Keep monitoring a confluence zone between a broken horizontal key level and channel's support.
It will be a safe spot to catch a trend following movement to 1958 major historical resistance.

Intraday confirmation will help you to catch a safe entry.

For now shorting is not an option. Too high risk...

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31 May 2021

Not

Check my new idea on GBPCHF: