IS GOLD BOTTOMING FINALLY ? XAUUSD Daily chart
Seems Gold is VERY VERY CLOSE to its bottom, hitting its long term support level near 1090 today.
Looking back on the daily chart we might find that long term support held firmly and prooved to be a good barrier limiting any more downside pressure.
Hoping that this support level will not let us down in this case too, I go long right here aiming the 38.2 and the 50 % FIBO retracements of 18-June high to 20-July price slippage. SL might seem to be very tight for these targets, but I think its no worth to apply more should the support breaks down for any fundamental reason.
Good luck to all !
Looking back on the daily chart we might find that long term support held firmly and prooved to be a good barrier limiting any more downside pressure.
Hoping that this support level will not let us down in this case too, I go long right here aiming the 38.2 and the 50 % FIBO retracements of 18-June high to 20-July price slippage. SL might seem to be very tight for these targets, but I think its no worth to apply more should the support breaks down for any fundamental reason.
Good luck to all !
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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.