GOLD: Rally Then Drop? Weekly XAUUSD Analysis #xauusd #goldtrading #hometraderclub

talk about the gold next. Last week we were talking about the gold that should respect the levels, and from there we are very likely to get to the upside. So this zone was cleaned. It's one of the levels we spoke about the last week, and we got the false breakout there. As you can see, bullish candles formation, bullish engulfing And from there, a great run. So what's next with the gold? I still expect to see the bullish run. I still believe gold should complete this ABCD or some sort of a range until it will actually make the bearish divergence. So after completing this bullish divergence and the break of this wedge to the upside, most likely. Uh, we entered a corrective structure. Corrective structure means either ABCD or in some rare cases some sort of a range here. Okay, so on the shorter run, I believe gold still has the bullish, uh, power momentum. But for the longer run, watch out for this level. High as a supply, high as a supply, and these levels could provide further sell opportunities. Also, another very important factor is of course this falling trend line which we have here, and the other one was connecting these highs. Okay, so if it doesn't manage to break these levels and just hold them, that could be also the sign that it enters a triangle-style correction, and with the break of it we go on the sell. So longer, uh, story, uh, I believe that short-run corrective structure could complete, uh, the ABCD or some sort of a range, but I do not think much more of that coming. I think these rallies should provide further drop down, and I would not be surprised if eventually gold would go and clean this key low we have on the daily chart around the, uh, $3,890. So this is my trading plan for the gold. Short-term bullish further push, uh, is very possible.