29/05/2023
Gold is approaching an important horizontal daily support.
Depending on the reaction of the price to that structure, 2 potential scenarios.
Bearish Scenario
If the price breaks and closes below the underlined green area on a daily,
it will signify a strength of the sellers and a highly probable bearish continuation.
Next target will be 1900.
Bullish Scenario
The price may also pull back from the underlined support.
To confirm that, watch a falling wedge pattern on 4H time frame.
If the price breaks and closes above its upper boundary,
a bullish movement potential will be expected to 1977.
Wait for a breakout, it will help you accurately predict the direction of the market next week..
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