Forecast - Potentially retest the trendline

So far, XAUUSD has failed to make an all-time high; the price rejected the triple tops zone at 2060s, then fell deep to the 1980s broke below the rising wedge. The triple top and rising wedge are a strong reversal pattern.

Technical chart-wise, the 1950s is the next most vital demand zone, and the bottom wedge line "Yellow arrow" price at 2000s is the most vigorous supply zone. Keep in mind that there is a trendline, and based on the chart, potentially, XAUUSD will retest the trendline on June 9, 2023.

XAUUSD will likely be ranging in 1950s - 2000s level until June, but time will tell.

Kommentera:

Waiting for a rejection or breakout confirmation.

Kommentera:

As long as it stays above the trendline, 2020 possible this week