In this post, we will analyze the weekly Forex gold with the symbol XAU/USD.
Fundamental analysis
According to a previous analysis of the EUR/USD, fundamental news will be released next week, which could cause strong volatility.
At the beginning of the week, when the OPEC meeting takes place and US banks are closed, we expect investors to pay attention to gold. They probably prefer to buy gold over dollars and oil, which creates an uptrend to near the previous floor.
Crossing the previous floor
If the previous floor, the 1790 range, is broken, this analysis will be incorrect and the gold trend will be bullish, otherwise it is still in a bearish trend.
Also, if it goes according to the analysis, the gold will fall close to the trend line and react to this range.
Signal
Within 1 hour, we see a cup and handle pattern. Of course, I agree that these patterns are old and unreliable, but they can be identified as a signal for the growth of gold near the site.
Fundamental analysis
According to a previous analysis of the EUR/USD, fundamental news will be released next week, which could cause strong volatility.
At the beginning of the week, when the OPEC meeting takes place and US banks are closed, we expect investors to pay attention to gold. They probably prefer to buy gold over dollars and oil, which creates an uptrend to near the previous floor.
Crossing the previous floor
If the previous floor, the 1790 range, is broken, this analysis will be incorrect and the gold trend will be bullish, otherwise it is still in a bearish trend.
Also, if it goes according to the analysis, the gold will fall close to the trend line and react to this range.
Signal
Within 1 hour, we see a cup and handle pattern. Of course, I agree that these patterns are old and unreliable, but they can be identified as a signal for the growth of gold near the site.
