XAUUSD Analysis April 19, 2020
Gold currently broke Resistance Level and is currently sitting on it. There are two options to consider:
1. This is a break and retest of structure for gold to push to the 1800's
OR
2. This may very well be a fake out and market may continue bearish momentum.
For option 1 to be confirmed we need to see rejection from current level where market is sitting now.
Option 2 however is mostly likely seeing that on the 4H timeframe market broke bullish trend. For this to be confirmed we need to see a a retest of structure as indicated with the down (yellow) arrows before we sell. If this option becomes to fruition we could see gold pushing to the 1400's to form a double bottom seeing that gold currently have been been forming quite a bit of reversals using double bottoms and double tops.
1. This is a break and retest of structure for gold to push to the 1800's
OR
2. This may very well be a fake out and market may continue bearish momentum.
For option 1 to be confirmed we need to see rejection from current level where market is sitting now.
Option 2 however is mostly likely seeing that on the 4H timeframe market broke bullish trend. For this to be confirmed we need to see a a retest of structure as indicated with the down (yellow) arrows before we sell. If this option becomes to fruition we could see gold pushing to the 1400's to form a double bottom seeing that gold currently have been been forming quite a bit of reversals using double bottoms and double tops.
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