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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