XAUUSD sold off recently, along with most other assets.
The pair even closed back below 1900, which was the previous all-time high.
However, I still think this is a bear trap.
The uptrend that started in 2016 is intact, which means pullbacks are buying opportunities for those with a multi-year time horizon.
However, this pullback may not be over just yet.
A view of the weekly time frame going back to 2011 and 2012 illustrates how significant the 1790 – 1820 area is.
Any dip into that region followed by bullish price action such as a pin bar could present a buying opportunity.
Alternatively, a close back above 1900 would be bullish.
Above 1900, we have 2015, followed by 2075.
Back after couple of weeks. If you like our analysis don't forget to follow and like.
The pair even closed back below 1900, which was the previous all-time high.
However, I still think this is a bear trap.
The uptrend that started in 2016 is intact, which means pullbacks are buying opportunities for those with a multi-year time horizon.
However, this pullback may not be over just yet.
A view of the weekly time frame going back to 2011 and 2012 illustrates how significant the 1790 – 1820 area is.
Any dip into that region followed by bullish price action such as a pin bar could present a buying opportunity.
Alternatively, a close back above 1900 would be bullish.
Above 1900, we have 2015, followed by 2075.
Back after couple of weeks. If you like our analysis don't forget to follow and like.
