XAU Some possible setup

6 de jun. de 2023

My bias is sell but here are some possible scenarios on gold in the coming days.

Let me know your thoughts

6 de jun. de 2023

Nota

The idea behind this is mostly support and resistance paterns

currently i think the price action is on a pullback possibly to 1973 that could be tested

there is a big resistance and supply above at 1980 zone that need to be looked and watched out for. price has been rejecting that area several time. my idea is if price gets to that zone watch for the highs to be faked out if market wants to be bearish. a sustained and prolonged consolidation at that area could be a sign that itmight retest the 2k resistance

for a bearish scenario its either a fake out and a pig pushback down from 1980zone or a retest of the 1973 zone and a big rejection to go back down to 1938zone. a break of 1938 zone could possibly a test to push to 1900.