XAU/USD SHORT: New LOWS into $1460?
Hi guys!
I hope you're all doing well so far.
In my opinion it is imminent that GOLD will drop back in some degree after touching the SELL ZONE @1640 according to the historic data & how price has behaved in this zone previously.
As seen on the chart, price has been dropping rapidly after rejecting the zone, which indicates to me another possible sell off around this area.
This would also line up, as the MONTHLY candle on GOLD closed as a bearish DOJI...the pullback into $1640 would be a perfect 50% retrace of the MONTHLY WICK on GOLD which then should force the pair down into new LOWS.
If we do not pullback in this ZONE, which would actually surprise me personally, we could see new HIGHS @$1700 taken out & even $1800 being reached.
Possible target's for me, if we do reject the zone, would be $1560 which holds the MONTHLY Key-Level for me - if we do have enough bearish momentum & do happen to break the $1560 level, I'd be looking to target the last low at around $1460.
Thank you guys for reading my ANALYSIS on GOLD & I would love to hear you're thought about it in the COMMENTS below :)
Take care guys!
Wishing everyone a good trading week ahead!
Noel Schwarz, WyredFX
I hope you're all doing well so far.
In my opinion it is imminent that GOLD will drop back in some degree after touching the SELL ZONE @1640 according to the historic data & how price has behaved in this zone previously.
As seen on the chart, price has been dropping rapidly after rejecting the zone, which indicates to me another possible sell off around this area.
This would also line up, as the MONTHLY candle on GOLD closed as a bearish DOJI...the pullback into $1640 would be a perfect 50% retrace of the MONTHLY WICK on GOLD which then should force the pair down into new LOWS.
If we do not pullback in this ZONE, which would actually surprise me personally, we could see new HIGHS @$1700 taken out & even $1800 being reached.
Possible target's for me, if we do reject the zone, would be $1560 which holds the MONTHLY Key-Level for me - if we do have enough bearish momentum & do happen to break the $1560 level, I'd be looking to target the last low at around $1460.
Thank you guys for reading my ANALYSIS on GOLD & I would love to hear you're thought about it in the COMMENTS below :)
Take care guys!
Wishing everyone a good trading week ahead!
Noel Schwarz, WyredFX
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