"Gold's Battle at 1944: A Crossroads"
Updated
#XAUUSD On September 1st, encountered a formidable resistance barrier at 1950 and subsequently began its descent toward the established support level at 1885. Interestingly, the downward trajectory was interrupted as gold found a reversal point around the 1900 mark. Currently, the precious metal is in the process of retesting the 1944 resistance level.
Should gold successfully breach the resistance at 1944, it could signal a potential bullish move, with the price poised to ascend towards higher levels, possibly reaching 1985. However, if the resistance at 1944 holds firm, there remains the possibility of a downward correction in the gold market.
Sell Entry - 1942
TP1 - 1900
TP2 - 1885
Buy Entry - 1946
TP1 - 1980
TP2 - 2015
SL - Join Our Channel
Should gold successfully breach the resistance at 1944, it could signal a potential bullish move, with the price poised to ascend towards higher levels, possibly reaching 1985. However, if the resistance at 1944 holds firm, there remains the possibility of a downward correction in the gold market.
Sell Entry - 1942
TP1 - 1900
TP2 - 1885
Buy Entry - 1946
TP1 - 1980
TP2 - 2015
SL - Join Our Channel
Trade active
Yesterday, the price of gold experienced a rejection at the level of 1944 and began to decline after encountering resistance. Based on our analysis, we anticipate that the drop will continue towards the levels of 1902$ and 1887$.Trade closed: target reached
Gold has successfully reached its initial TP of $1900, and the next TP is set at $1885. If you prefer to maintain your position until $1885, you can do so but remember to trail your stop loss to $1900.Note
TP2 Hit - 1885
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