XAUUSD-Gold - Technical Analysis
The price of gold continues to drop below the psychological 2600 level and now its looking for 2500. There is possibility that it may go up but not much, all depends on the buyers and today's news. Right now it has touched its 2530 area and if it retest it then most probably it will go more down to touch the 2500-2502 and then move up but how much still nothing clear.
According to me for going up it should break 2500 area properly and then buyers will jump in. Physical gold demand is very low as compare to previous year and even china is not buying gold from 6-7 months and they are waiting for low price. Don't forget trump is back and gold will fluctuate more and in december most of the time gold go up. Lets wait for good buy entry because on one month and weekly time frame its no over sold. So wait for more dip.
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
According to me for going up it should break 2500 area properly and then buyers will jump in. Physical gold demand is very low as compare to previous year and even china is not buying gold from 6-7 months and they are waiting for low price. Don't forget trump is back and gold will fluctuate more and in december most of the time gold go up. Lets wait for good buy entry because on one month and weekly time frame its no over sold. So wait for more dip.
Note
Please risk management in trading is a Key so use your money accordingly. If you like the idea then please like and boost. Thank you and Good Luck!
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