$XAUUSD - Consolidating/squeezing
Analysis
We are seeing a reset on the indicators are price is being squeezed between the 1M 20EMA and 1M 50EMA.
Scenario 1:
There is strong support at $1650 and it will needfind support at least 1 more time (perhaps twice) before it continues upwards to all time highs (+15)
Scenario 2:
If price breaks below 50EMA we could potential see a drop (-23%) with little support below.
We are seeing a reset on the indicators are price is being squeezed between the 1M 20EMA and 1M 50EMA.
Scenario 1:
There is strong support at $1650 and it will needfind support at least 1 more time (perhaps twice) before it continues upwards to all time highs (+15)
Scenario 2:
If price breaks below 50EMA we could potential see a drop (-23%) with little support below.