Gold Exhibits Bullshit Pennant Triangle, What Happens Next?
Gold has been seen to be skyrocketing over the days and it seems to head towards 2000. From the diagram, it has been struggling to pass through the 1983.512 price range. And this happened in three consecutive days which were 28th, 29th, and 31st of July, 2020. With my fundamentals, on a 2-hour time frame, it is evident that about three Doji candlestick patterns were formed. And the candle that follows is a forming bullshit candle which reveals the next direction of the market.
I was able to adopt trendlines and support and resistance which showed the prices/regions that the prices bounced off from and to. The Fibonacci retracement tool was also expedient in carrying out the analysis. Taking the Fibonacci tool from 1907.273 to 1983.512 (in the case of bullshit trend).
This is just my little forecast of what gold (XAUUSD) will likely result to.
I was able to adopt trendlines and support and resistance which showed the prices/regions that the prices bounced off from and to. The Fibonacci retracement tool was also expedient in carrying out the analysis. Taking the Fibonacci tool from 1907.273 to 1983.512 (in the case of bullshit trend).
This is just my little forecast of what gold (XAUUSD) will likely result to.