XAUUSD Analysis and update
After analyzing last night's XAUUSD chart, we saw that closing a daily candle above the neckline of the double bottom pattern at 2350 indicates a high probability of gold reaching the target of 2373. This also matches the first target of the harmonic pattern and respects the levels outlined in the previous analysis.
Currently, we see that gold is trying to break through the retracement zone, which starts at 2374.03 and ends at 2395.45, as mentioned at the beginning of the week.
Right now, a bearish harmonic butterfly pattern has formed on the hourly timeframe, suggesting a potential correction towards the targets indicated on the chart. This pattern will be invalidated if the price reaches 2380.5 or if an hourly candle closes above 2378.6.
To continue the upward movement, it is important to close a daily candle above the level of 2364, which is the highest price of last week's candle.
Key levels of interest have been marked on the chart. These levels are derived from my personal strategy, which has proven effective based on my trading experience.
Disclaimer: This is my personal view on XAUUSD and not a recommendation to buy or sell.
Currently, we see that gold is trying to break through the retracement zone, which starts at 2374.03 and ends at 2395.45, as mentioned at the beginning of the week.
Right now, a bearish harmonic butterfly pattern has formed on the hourly timeframe, suggesting a potential correction towards the targets indicated on the chart. This pattern will be invalidated if the price reaches 2380.5 or if an hourly candle closes above 2378.6.
To continue the upward movement, it is important to close a daily candle above the level of 2364, which is the highest price of last week's candle.
Key levels of interest have been marked on the chart. These levels are derived from my personal strategy, which has proven effective based on my trading experience.
Disclaimer: This is my personal view on XAUUSD and not a recommendation to buy or sell.
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