XAU/USD Fib retracement: 22/08 Bullish candle confirms long

We can see a perfect Fibonacci retracement playing out, that is if the 22/08 daily candlestick closes above the 38.2% level.
If this goes through, we can expect gold to test 1807.92 level, and if it manages to break it, we can open a long position with TP at 1886.

Purely technical, Jackson Hole today will significantly affect prices, trade safely!

This is my own analysis, please do share your insights, as I would love to hear them.

Note

Looks like 22/08 will close above 23.6 ratio, will need to wait for confirmation tomorrow. If we do get a bullish candle close 23/08, I will be opening a long with TP1= 1780, TP2= 1807 and TP3= 1886, SL= 1710.

Will update tomorrow

Note

XAUUSD tested the 23.6% ratio, however bounced back and the 22/08 candlestick closed above it, as anticipated. If 23/08 candle is bullish, and or tests 23.6% ratio and fails to close under it again, we can expect a correction. I will open a buy position tomorrow if the days ends as planned.

Note

Looks like XAUUSD is closing above the 38.2% level, however, this has been strongly influence by the Jackson Hole symposium.

Note

Gold is standing strong against the dollar so far as anticipated. Let's see how Jerome Powell's speech for the Fed affects the market tomorrow.

mbarbar

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mbarbar