XAU/USD-2-Hour overview

Hello everybody, I want to share this with you!

-On the 2-hour chart, we can see strong bullish movement and we can see that the price reached a resistance area forming a double top pattern(better visible on 4-hour time frame).

-We can expect two situations,...-the first one is that the price might continue pushing in a bullish direction and the second situation is that the price might reverse its movement into bearish.

-We can see that the price is leaving long upper wick and that is a sign that the price is rejecting in the resistance area.

-The stochastic indicator shows us that the price is overbought so we might expect some bearish movement.

-On a daily base, USD is very weak so that keeps pushing gold in bullish direction and if USD gains more power then we can expect trend revers in a bearish direction.

-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!

THANKS FOR READING!

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-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.