26/01/2025
GOLD(XAUUSD)📈
Gold has been been on an Uptrend since the end of last Year and Recently it Even formed an All Time High, Made a Corrective Wave and Found Support.
As a Result, It formed a "Short Formed W pattern" in 1D TF where prices finds Demand - Creates an Impulse wave - then it Comes back to retest the Demand level/Base.
After the "W" pattern was formed the Market/Buyers pushed the market Upwards creating an Impulse Wave as you can see in the Screenshot above on 1Hr TF.
The market Came back or Buyers pushed the market up to the Highest point/Previous Swing High @2,780Lv and since it's a strong Resistance level the market formed a Bearish Engulfing.
We anticipate to have a Small Corretion as I've indicated since it's an Uptrend and Buyers are still in Control of market but if the market is going to Reverse, we at least need to have a Break of the previous Swing high to show as that buyers are still willing to take the Prices further Up.
What To Expect💹
A correction then Prices will Rally above @2,790