XAUUSD (Gold) Intra Day/Week Outlook
DAILY: On the daily, Gold is still moving on a steady bullish up trend. Creating Higher Highs and Higher Lows.
H4: Market seems to be respecting the Higher time frame trendline, rejecting of the trendline again just yesterday. Confluence would be that price rejection was also at a Fibonacci retracement level (61.8%) & that area is a RBR Demand Zone.
Conclusion: With Gold acting as a safe haven in times of economical distress, it would not a surprise to see Gold forming newer highs in the near future. Technicals all line up beautifully and trade has a good RR.
Trader's Arena FX.
H4: Market seems to be respecting the Higher time frame trendline, rejecting of the trendline again just yesterday. Confluence would be that price rejection was also at a Fibonacci retracement level (61.8%) & that area is a RBR Demand Zone.
Conclusion: With Gold acting as a safe haven in times of economical distress, it would not a surprise to see Gold forming newer highs in the near future. Technicals all line up beautifully and trade has a good RR.
Trader's Arena FX.
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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.
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.