Technical Take on XAU/USD: $2,000 Whipsaw
Amid a rally in US Treasury yields and a broad-based USD bid, spot gold (XAU/USD) is getting hammered lower today!
Down -1.1%, the precious metal is now on the doorstep of shaking hands with the widely watched 2,000 level. While this psychological barrier will house buying interest, a whipsaw (or stop run) of this level could be on the table if challenged, potentially chalking up what is referred to as a Bear Trap. The rationale behind a possible whipsaw is what lies beneath $2,000. Between $1,971 and $1,986—made up of an AB=CD bullish pattern (100% projection ratio), horizontal support as well as a number of Fibonacci ratios—offers a technically confluent support zone that could attract buyers beneath $2,000 in search of entering long into sell-stop liquidity produced via the $2,000 breach.
Down -1.1%, the precious metal is now on the doorstep of shaking hands with the widely watched 2,000 level. While this psychological barrier will house buying interest, a whipsaw (or stop run) of this level could be on the table if challenged, potentially chalking up what is referred to as a Bear Trap. The rationale behind a possible whipsaw is what lies beneath $2,000. Between $1,971 and $1,986—made up of an AB=CD bullish pattern (100% projection ratio), horizontal support as well as a number of Fibonacci ratios—offers a technically confluent support zone that could attract buyers beneath $2,000 in search of entering long into sell-stop liquidity produced via the $2,000 breach.
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.