XAUUSD Downside is path of least resistance
Following the downside consolidation overnight, gold broke the range to the downside, confirming a symmetrical triangle breakdown on the hourly and H4 sticks. The price closed below the rising trendline (pattern) support at $1927.42.
The move lower exposes the pattern target at $1875. Ahead of that level, the bulls could defend last Friday’s low of $1916.42. A break below which will put a $1900 mark to test.
Alternatively, the recovery attempts could meet the robust upside barrier around $1947, the weekly pivot point.
A sustained break above the latter could fuel a rally towards the next hurdle which is the monthly pivot point at 1967.8. Acceptance above the $1949.29 is critical to recall the buyers for the $2000 rally.
The move lower exposes the pattern target at $1875. Ahead of that level, the bulls could defend last Friday’s low of $1916.42. A break below which will put a $1900 mark to test.
Alternatively, the recovery attempts could meet the robust upside barrier around $1947, the weekly pivot point.
A sustained break above the latter could fuel a rally towards the next hurdle which is the monthly pivot point at 1967.8. Acceptance above the $1949.29 is critical to recall the buyers for the $2000 rally.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.