XauUsd could drop to confluence support
Two days ago I said, that in the medium term (2-3 weeks) XauUsd could drop to very important 1820 support if 1900 zone support isn't holding.
In that days, Gold failed to stay above this important figure and made a new local low.
This new low confirms the 1880 high as a lower high and we can consider now trading in a channel.
The bottom of this channel is in fact confluent with the horizontal 1850 support and could represent the target in the shorter term (one week or so)
In conclusion, rallies above 1900 should be sold and, considering a negation level above the 1930 zone a 1:2 risk: reward could be achieved and a more than 500 pips gain for such a trade
In that days, Gold failed to stay above this important figure and made a new local low.
This new low confirms the 1880 high as a lower high and we can consider now trading in a channel.
The bottom of this channel is in fact confluent with the horizontal 1850 support and could represent the target in the shorter term (one week or so)
In conclusion, rallies above 1900 should be sold and, considering a negation level above the 1930 zone a 1:2 risk: reward could be achieved and a more than 500 pips gain for such a trade
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🌟 Premium Contact:
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