Gold Spot / U.S. DollarUpdated XAUUSD : Gold turned down sharply and hung for two days
Gold prices have broken the support level around $2,335, where the rising trendline intersects the 38.2% Fibonacci retracement level of the March-May rally. Combined with higher-than-average trading volume will be a signal for change. Many traders are selling gold and the bearish trend may continue.
In the event that XAU/USD plummets below $2,335, the 50-day SMA at $2,325 will be the bearish guard for the next bearish curve. While breaking this support may be difficult, if successful, there is room for a pullback to $2,265.
Conversely, if gold prices reverse upward, resistance will be at $2,365, followed by $2,377. If the gold price breaks through the resistance level at $2,377, the possibility of a decline will be significantly reduced. This breakout could open the door for further price increases to $2,420.
In the event that XAU/USD plummets below $2,335, the 50-day SMA at $2,325 will be the bearish guard for the next bearish curve. While breaking this support may be difficult, if successful, there is room for a pullback to $2,265.
Conversely, if gold prices reverse upward, resistance will be at $2,365, followed by $2,377. If the gold price breaks through the resistance level at $2,377, the possibility of a decline will be significantly reduced. This breakout could open the door for further price increases to $2,420.
Trade active
🔝 XAUUSD BUY Limit 2321 - 2323 🪙🪙🪙✔️ TP 2330
✔️ TP2 2335
❌ SL 2315
🔝 XAUUSD SELL LIMIT 2331 - 2333 🪙🪙🪙
✔️ TP : 2325
✔️ TP1 : 2320
❌ SL 2340
Note
Sell 100 pipsNote
Buy limit 50 pipsNote
Buy limit 70 pipsNote
Buy limit 100 pips
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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.