GOLD: XAU / USD Analysis (UPDATE). Very strong support!
Updated
Hello TradingView Community!
Gold is at a very strong S/R level.
At first it functioned as a resistance, than for a long time as a support, then again as a resistance, and now the price has stopped by this level and again it functions as a support.
The price also reacts to the weekly Pivot point R1, from which it is reflected upwards.
At the moment, we prefer to be stay without a position on the Gold spot. It is possible to scalp in the direction of Long, but I would rather wait to see what the middle of the week and today's fundamental news will bring us.
Have a nice day. Your UCT Team.
Gold is at a very strong S/R level.
At first it functioned as a resistance, than for a long time as a support, then again as a resistance, and now the price has stopped by this level and again it functions as a support.
The price also reacts to the weekly Pivot point R1, from which it is reflected upwards.
At the moment, we prefer to be stay without a position on the Gold spot. It is possible to scalp in the direction of Long, but I would rather wait to see what the middle of the week and today's fundamental news will bring us.
Have a nice day. Your UCT Team.
Trade closed: target reached
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