The first major resistance that needs to be broken for Gold is between the $1724 - $1734 price arena. However, for me, a closure below the 23.6% Fibonacci on the 9th of August suggests a further downtrend with likely rejection at $1,706 area but because we do not really trade certainty for high probability I will wait for price action at market open to see what happens before jumping into any trade on Gold.
If $1,706 is violated then we may see a retest of $1,680 before another rally up. if $1,680 gets violated then the next key levels to watch out for on the downside are $1,641 & $1,573. I am staying very neutral for now and would wait for price action to decide.
Regards
If $1,706 is violated then we may see a retest of $1,680 before another rally up. if $1,680 gets violated then the next key levels to watch out for on the downside are $1,641 & $1,573. I am staying very neutral for now and would wait for price action to decide.
Regards
Note
XAUUSD working at that $1,734 price level. Hoping the current 4HR candle closes convincingly above that level. I will trade to 38.2% fib level at around $1,760 ARENA and wait to see what price does around there before entering a new trade. Looking for a good buy opportunity.
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FINSPOT ACADEMY
Related publications
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.