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25-5-2020 - Monday Analysis - H4 Gold - Consolidation

OANDA:XAUUSD   Gold Spot / U.S. Dollar
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On Monday's Open, Price has rejected the Descending trendline and continue to drop towards 1720 Level where it found new presence of Buyer. However, the EMA 14 has crossover to the downside indicating a potential Bearish Tideshift if price managed to form a new LL show continued sign of bearish momentum.

As of now, I'll wait for price to form clearer price action before deciding to look for a setup on this pair.
Overall my bias is still Bullish atm. However I still believe that price has more room to go on the downside before it continue to push higher.

Bias = Bullish
Structure = Consolidation, potential Falling Wedge formation
Setup = Yes, 4H MSB 62 Bounce

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