XAUUSD: can continue to call TP1985
Updated
First of all, we can look at the golden week here:
The current support below the weekly line is around 1938. It was pierced here on Tuesday, but it failed to break through in the end, and 1938 is the ma20 moving average position.
If it does not fall below the support of the ma20 moving average, then it is very likely to continue to test the cross position of the ma5-ma10 moving average at 1985.
Moreover, 1985 is also the previous high point, so I think that if the price does not fall below 1938, the probability of rebounding to test 1985 is very high.
In addition, we can see from the hourly chart:
In the trend of 1985-1931, 1965 happened to be at position 618, and position 618 and 1965 were the current high point.
And from the trend of 1931-1965, we can see that the current support below 618 is here at 1952.
1952 is the low point support of the callback last night, so the current trend is obvious.
As long as the next callback stabilizes around 1952, we can enter the market and do long.
As long as it stabilizes above 1952, then the abc trend will follow.
I also drew the 100% position in the picture, the upper target position is exactly here at 1983, which is also near the previous high of 1985.
The current support below the weekly line is around 1938. It was pierced here on Tuesday, but it failed to break through in the end, and 1938 is the ma20 moving average position.
If it does not fall below the support of the ma20 moving average, then it is very likely to continue to test the cross position of the ma5-ma10 moving average at 1985.
Moreover, 1985 is also the previous high point, so I think that if the price does not fall below 1938, the probability of rebounding to test 1985 is very high.
In addition, we can see from the hourly chart:
In the trend of 1985-1931, 1965 happened to be at position 618, and position 618 and 1965 were the current high point.
And from the trend of 1931-1965, we can see that the current support below 618 is here at 1952.
1952 is the low point support of the callback last night, so the current trend is obvious.
As long as the next callback stabilizes around 1952, we can enter the market and do long.
As long as it stabilizes above 1952, then the abc trend will follow.
I also drew the 100% position in the picture, the upper target position is exactly here at 1983, which is also near the previous high of 1985.
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