XAU/USD 24/07: New week start!!
Updated
XAUUSD Gold price reversed from the nine-week horizontal resistance and broke the two-week support line to convince the sellers.The downside in XAU/USD also takes cues from bearish signals from the Moving Average Convergence and Divergence (MACD) indicator and the descending Relative Strength Index (RSI), set at 14, which is not oversold.
With this, Gold Price looks set to test the convergence of the 100 and 200 Simple Moving Averages (SMAs), near the $1940 level by press time.
However, XAU/USD's drop to $1,940 looks tough as multiple levels marked from late May, around $1,935-30, could challenge the bears afterwards.
I expect a buy strategy around 1952$. Expected level around 1970. Wishing you a happy, happy new week and winning the market
Note
The market was so boring at the beginning of the week, let Upbo give energy for gold to runTrade active
signal has been activated, are you ready?Trade closed: target reached
300pip for 1 day, what do you think?
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