This is an update of my previous idea (linked below). To receive more updates, make sure you get notified by following me. I'm also available on our monetae Telegram channel, which is linked in my signature. If you would like to see more trading ideas like this, please click the like button!
The price of Gold (XAU/USD) had a great and finally struggled to stay above our horizontal resistance line at 1600.00. The bulls lost control and we can now expect a retracement (not a change in trend!) before making further highs. The 0.618 Fib level is usually a nice spot for an entry. This level is located at 1500.00, which was our previous key leve. We can expect high volatility once we reached this level.
A common continuation pattern in crypto is a bullflag. The retracement might also look like a small falling wedge, which is followed by a strong breakout. Let's see where this goes.