XAUUSD: 3 Days to the closin monthly candle
In my opinion there are two scenarios can happen on XAUUSD the next week regarding a several circumestances as follow:
1- there are still 3 days for the monthly candle which is still bullish and over the 1780 pivot point of the Oct green candle, besides, the new variant of covid-19 factor.
Which means that the price will grow in the first 3 days of the becoming week.. so personally i will wait for a 4H/D1 candle above 1814 (resistance and last month high) to confirm this scenario.
Another factors for this scenario are: D1 chart is still in bullish bias as the price touched the 1780 3 times and got rejected hardly the last week (the same rejects was when the price got rejected from 1770-1777 in the past 2 weeks ago).
2- if price break with 4H/D1 candle below 1780 we can say it will go down more to the next support 1770-1760 which is the buttom of the weekly trendline shown, and 1763 is a weekly support too. Then it may grow again from this area.
In this scenario the monthly candle will be either a Shooting star or a bearish candle, so the bias will be changed.
This is a personal analysis please do not refer to one idea in your dicision, plz do your homework to learn and analyse for yourself.
1- there are still 3 days for the monthly candle which is still bullish and over the 1780 pivot point of the Oct green candle, besides, the new variant of covid-19 factor.
Which means that the price will grow in the first 3 days of the becoming week.. so personally i will wait for a 4H/D1 candle above 1814 (resistance and last month high) to confirm this scenario.
Another factors for this scenario are: D1 chart is still in bullish bias as the price touched the 1780 3 times and got rejected hardly the last week (the same rejects was when the price got rejected from 1770-1777 in the past 2 weeks ago).
2- if price break with 4H/D1 candle below 1780 we can say it will go down more to the next support 1770-1760 which is the buttom of the weekly trendline shown, and 1763 is a weekly support too. Then it may grow again from this area.
In this scenario the monthly candle will be either a Shooting star or a bearish candle, so the bias will be changed.
This is a personal analysis please do not refer to one idea in your dicision, plz do your homework to learn and analyse for yourself.
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