XAUUSD Price Action Analysis On Daily TF
Hi Everyone
As you may know, with the beginning of tapering and early signs of rate hike.
Gold met with a slightly bullish buying pressure which resulted as a retest of the local resistance. If the buyers manage to push the price above the said level, there is still an unfilled gap between 1815-1843 levels. And above that, around 1850.80(which is marked on the chart)
Right now, after it's parabolic rise during the 2020, Gold is still at consolidation phase and ranging between 2 monthly levels. If the price manages to break above 1912 levels and manage to reclaim it, then we can talk about the possibility of an uptrend and ofc new ath. However, if the price loses 1676 level, then it will clearly show us, sellers are still in control ofGold.
As you may know, with the beginning of tapering and early signs of rate hike.
Gold met with a slightly bullish buying pressure which resulted as a retest of the local resistance. If the buyers manage to push the price above the said level, there is still an unfilled gap between 1815-1843 levels. And above that, around 1850.80(which is marked on the chart) Right now, after it's parabolic rise during the 2020, Gold is still at consolidation phase and ranging between 2 monthly levels. If the price manages to break above 1912 levels and manage to reclaim it, then we can talk about the possibility of an uptrend and ofc new ath. However, if the price loses 1676 level, then it will clearly show us, sellers are still in control of
Gold.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.