XAU/USD 25/07: Strategy at the beginning of the week

XAUUSD Gold price does not work around 1960$ support turned resistance level including 100-DMA and 61.8% Fibonacci convergence in one day and one week.

The possibility of XAU/USD breaking above the 1,960$ barrier combines with the upbeat sentiment and a pullback in the US Dollar to keep buyers hopeful of breaking the 1,970$ resistance confluence that includes the 78.6% Fibonacci on one-week R1 and one-month Pivot Point.

Following that, the previous monthly high and the one-week Pivot Point R1 should act as XAU/USD's last defense as the price dips near 1,985$.

Meanwhile, a break of resistance turning to support at 1960$ (stated above) can quickly take Gold Price towards 1960$ including one-day Fibonacci 38.2% and 10 DMA.

Transaction en cours:

The entry point is active

Commentaire:

The first strategy didn't work out. I will fix it