Expecting upside move soon - XAU/USD
After breaking the lows of 1892 last week, we see gold diving deeper into the 1960-1980 territory.
The first major support area was around 1974-1976.
If support is not respected, we will touch the 2nd major support at 1861-1865, as gold rejected its price earlier this year in February and retraced back into 1890.
I expect we need gold to have a significant retracement from this record downtrend in order for gold to continue to lower levels.
We are still bearish, but we expect a push towards levels of 1930-1945.
Fibonacci's 50% retracement leaves gold at around 1933.
Expect bounces between 1962- 1974
The first major support area was around 1974-1976.
If support is not respected, we will touch the 2nd major support at 1861-1865, as gold rejected its price earlier this year in February and retraced back into 1890.
I expect we need gold to have a significant retracement from this record downtrend in order for gold to continue to lower levels.
We are still bearish, but we expect a push towards levels of 1930-1945.
Fibonacci's 50% retracement leaves gold at around 1933.
Expect bounces between 1962- 1974
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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.