XAUUSD has bounced (+4.5%) from a strong support zone of 1676-1683 on 8th March, and currently Gold is consolidating around the control price of 2053-1514 channel (Dotted lines)There can be only two possibilities, the price might go UP or DOWN.
If the price breaks and retest the 1719-1724 area I’ll be looking for a short opportunity, targeted TP will be somewhere around 1700-1680. if the price breaks down and retests the support zone of the 1676-1683 area, I’m expecting a further drop of
gold up to 1640.If you study my chart you can identify many more possibilities, nothing is 100% accurate.
Don’t forget that
DXY is on an Uptrend since 5th Jan 2021.Please criticize and support my analysis with like and comment!!!!!!!
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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.