In going analysis, Gold Price Forecast: XAU/USD bears eye a move to a 61.8% Fibo, but bulls test key resistance, the price was tracked into through the $1,940s imbalance area as the bulls broke the prior week's highs:
Last week's high could be the first downside target as previously explained before the next significant move higher with last month's highs eyed to the upside in a short squeeze continuation.
The market is coiled between Thursday's high and lows and a breakout is on the cards. We have an imbalance of price the upside, which might see the Gold price rally before the thesis's downside can play out.
We can see that Friday closed as a Frist Red Day, FRD, within a series of higher closes since Friday, July 7. This leaves the downside's low Hanging Fruit, LHF, vulnerable for the opening and the week's initial balance.
Last week's high could be the first downside target as previously explained before the next significant move higher with last month's highs eyed to the upside in a short squeeze continuation.
The market is coiled between Thursday's high and lows and a breakout is on the cards. We have an imbalance of price the upside, which might see the Gold price rally before the thesis's downside can play out.
We can see that Friday closed as a Frist Red Day, FRD, within a series of higher closes since Friday, July 7. This leaves the downside's low Hanging Fruit, LHF, vulnerable for the opening and the week's initial balance.
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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.