XAUUSD found a reliable area of support..?
The big bullish push in price might be something to have a look on.
Just after price has finished forming an ending diagonal pattern(falling wedge), price rose significantly as expected, since diagonal patterns are followed by a big move opposing their trading direction.
Now price is at a significant low and I will be onlook for a reversal pattern which will help take the price higher.
In this situation, assuming a wave 1 has finished forming, a deeper pullback of wave 2 will result in a Head and Shoulders formation which will be a good opportunity to position for a long.
Just after price has finished forming an ending diagonal pattern(falling wedge), price rose significantly as expected, since diagonal patterns are followed by a big move opposing their trading direction.
Now price is at a significant low and I will be onlook for a reversal pattern which will help take the price higher.
In this situation, assuming a wave 1 has finished forming, a deeper pullback of wave 2 will result in a Head and Shoulders formation which will be a good opportunity to position for a long.