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Market selloff poses a threat to the gold's performanceFinally, our expectations for gold to slide below $2,000 were fulfilled yesterday when the shiny metal sold off following the release of higher-than-expected inflation data in the United States. Given the hell breaking lose (yesterday) in the stock market, we remain concerned about gold’s performance in the short and medium term (while being bullish in the long term). It is very likely that the selloff in stocks will negatively affect gold’s price (if it continues), dragging it to $1,950 and potentially even lower (depending on the new developments). In line with our previous assessments, we patiently wait for a better price to manifest itself before taking advantage of the opportunity (ideally waiting for the dip below $1,900). Illustration 1.01 The image above shows the daily chart of XAUUSD and adjusted fan lines. The yellow arrow indicates a bearish breakout below the third fan line. Illustration 1.02 Illustration 1.02 portrays the daily graph of XAUUSD and simple support/resistance levels derived from peaks and troughs. Illustration 1.03 On the daily time frame, the MACD crossed into the bearish territory, bolstering the odds of gold continuing lower. Technical analysis Daily timeframe = Bearish Weekly timeframe = Neutral (turning slightly bearish) Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
OANDA:XAUUSDShort
by Tradersweekly
4
GOLD → False breakdown before the news. What to expect?FOREXCOM:XAUUSD , amid the decline we were waiting for, reaches the target of 2015 and forms a false breakout. But the only thing that is constant is the range. What should we expect from the price at this point? Pic: False break of trend line support The dollar stops again and goes into consolidation before another series of news. Today the market is waiting for the CPI. Gold enjoys a very high interest from the Central Bank and traders are actively trying to buy and contain a possible fall. Thus, the false breakdown provokes the growth and strengthens the prices to the resistance 2064 and the trend line. A false breakdown may be highly likely to be followed by a small correction before further growth. Trading inside the range continues, so it is worth to follow the appropriate strategy. Since we have no actual trend, it is acceptable to sell or buy, but only if there is a strong reversal zone and a signal. Resistance levels: 2064, trend line, 2037 Support levels: 2018, 2015 Inside the range, the price is moving between the levels. Based on the situation, I expect a false breakdown of the nearest level, correction to support before further growth to the upper boundary of the range. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
20
XAUUSD Last Bearish Leg for a February bottom.Gold (XAUUSD) has dropped again below the 1D MA50 (blue trend-line) and contrary to our last short-term signal (February 07, see chart below), we look today on a longer term monthly basis on the 1D time-frame: As long as the price stays below the 1D MA50, it is very likely to see the current rejection transition into a Bearish Leg for the whole month of February and test the strong long-term Support cluster of the 0.382 Fibonacci level, Support 1 and the 1W MA50 (green trend-line). This pattern expectation emerges due to the similarities of the current price action with what led and followed the May 04 2023 High. The 1D RSI in particular between the two sequences are identical and suggests that we might be on a Bearish Leg similar to June's 2023, which bottomed on a double Low on the Support Zone. Our Target is therefore 1983 (0.382 Fibonacci). It's worth mentioning that all 1W MAs were Supports in the past 12 months, the 1W MA200 (red trend-line) on the October 06 2023 Low and the 1W MA100 (yellow trend-line) on the February 28 2023 Low. That makes the 1W MA50 very relevant. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSDShort
by TradingShot
1
GOLD → Sellers are testing trend support. What could happen?FOREXCOM:XAUUSD has been testing the local resistance area since the opening of the session and forming a false breakout with subsequent decline, but at the same time a symmetrical triangle is forming on the chart. Idea: GOLD → When will the price come out of consolidation? On D1 the market is still neutral, there is no strong news that would affect the price, but as we can see, gold is testing the global trend support. At the same time, the dollar index continues to form a bullish trend, which is bad for gold. On H1, we can see the local trend change to a downtrend, but the continuation of the trend is hindered by the support of the symmetrical triangle. We have a chance to catch a breakout of this area. Consolidation of the price below the 2021 area will confirm the market sentiment, ready to decline to 2015-2010. Pic: Sellers are testing strong trend support Resistance levels: 2026.400, trend resistance Support levels: 2021, 2015, 2010, 2004 The gold market is under selling pressure, buyers are trying to hold this pressure, but against the backdrop of a strengthening dollar, the bulls' strength is starting to wear off. Breakout 2021, then 2015 may trigger strong sell-offs on the background of possible liquidation. TVC:DXY TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
11
XAUUSD: Bearish Wave underway to 1,975.Gold is about to cross from a neutral technical 1D outlook (RSI = 45.543, MACD = -1.200, ADX = 26.629) to a bearish one as it got rejected on the 1D MA50, under which it will close for the third straight 1D candle. The 1D RSI suggests that this is a very slow medium term decline, as is evident by the 6 week Channel Down, that in the near term it will find a bottom. That can potentially be near the 1D MA200 and on the short term we remain bearish, targeting the S1 level (TP1 = 2,005) initially and in extension, if Gold closes a 1D candle under the 1D MA100, sell again aiming for the LL trendline of the Channel Down (TP2 = 1,975) near the S2 level and over the 1D MA200. See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
FX_IDC:XAUUSDShort
by InvestingScope
GOLD → When will the price come out of consolidation?OANDA:XAUUSD closed the trading session with a bearish candlestick on Friday. The asset loses 0.8% for the week, but at the same time it continues to stay inside the range between the strong boundaries of 2067 and 2010. Pic: Uptrend in the market. Price is testing trend support The dollar continues to strengthen, testing support as part of the correction and apparently preparing for further growth, which may temporarily have a negative impact on gold. But, if you look closely, technically, gold, on the background of increased interest feels quite confident and the market is trying not to succumb to strong manipulations on the part of the growing dollar. On Friday XAU is testing the ascending support again, the session closes below the line, but it is a weak signal within the flat. The 2015 level may influence the sales, but only if this area is broken. At the moment, there are no signs that the market will break 2015.6 in the near future. We need to wait for the retest of this support and see how the price reacts. But based on the fact that 2015.6 is a strong liquidity area, gold will not be able to break this area the first time. Pic: Gold range on H1-H4 The chart above shows the current range. The price has not yet managed to update the local lows, as well as the highs, as evidenced by the neutrality of forces between buyers and sellers. Against the background of the local situation: dollar growth, negative fundamental background for gold, we can determine that in the coming week gold may test flat support before further rebound (or false breakdown), after which the price may continue trading within this range. The reason for continued consolidation: there is no strong news in the market, the dollar continues to rise as the Fed is not looking to cut rates anytime soon, but buyers are actively trying to contain the declines in gold. The interest in gold is also affected by the interest of the world central banks, as well as the geopolitical crisis, as well as rumors of a banking crisis in the United States. Regards R. Linda!
OANDA:XAUUSD
by RLinda
4
GOLD → Support retests continue. Weak fundamental backgroundOANDA:XAUUSD on the background of news on Thursday is declining, but does not reach the local minimum. On the background of the pullback the price also does not reach the local maximum. The range boundaries are narrowing. The fundamental background for gold still remains and is relatively negative at the moment. On the chart above we can observe a difficult situation in XAU. Volatility is very low, the price has been standing still for two days, as evidenced by the D1 candlesticks of Wednesday and Thursday. Technically, we can observe a global uptrend, but at the moment we should pay attention to the symmetrical triangle. The price continues to test the trend support. Each new retest of the support forms a weaker and weaker reaction, the price continues to squeeze against the support. Technically, we can assume that the market is preparing to break the lower trend boundary, which can form a volume surge and a strong momentum towards the lower levels, such as 2000. Fundamentally, although we have high interest in the metal, but locally, the fundamental background is weak, as evidenced by this week's news. Support levels: 2029.7, 2020, 2015 2004 Resistance levels: 2039 - 2942 It is logical to expect a decline based on the current data, from the opening of the US session, the market may test resistance before falling TVC:DXY TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
2
GOLD → The calm (consolidation) before the storm ⚡︎OANDA:XAUUSD closes Wednesday's session with a minimal range of motion. The market is getting tighter and tighter every day, volatility as well as volumes are decreasing. The calm before the storm. Today, at 13:30 Initial Jobless Claims are published, at this time the dollar in the correction phase is testing the consolidation area and in all likelihood may strengthen if the market supports the index. Gold makes a false break of the resistance area 2039-2042 and forms a consolidation in a narrow range in the phase of waiting for news. Technically, the market continues to stand still. On D1 there is a global flat, but the borders of a symmetrical triangle are present, volatility is decreasing and the range is narrowing. It is interesting that trading volumes are decreasing, but the profile shows a different situation. The market is consolidating liquidity, because at the moment investors do not know what to expect and in the medium term they are aiming to hear some news about the interest rate reduction. Such consolidation may continue until March-April. But the distribution in one side or the other will be very strong, but when it will happen, nobody knows yet :) Resistance levels: 2039, 2042, 2048 Support levels: 2029, 2016, 2004 There is a chance to see bullish news for the dollar today, which could negatively, within a range, affect gold. But, before a possible fall, the price of the metal may test the resistance TVC:DXY TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
2
XAUUSD, February Bullish SentimentThe overall sentiment for gold prices in February is bullish. While the medium-term trend is sideways, the year of the Wood Dragon and technical indicators suggest potential for upward movement. Year of the Wood Dragon: According to Chinese tradition, the year of the Wood Dragon is considered an auspicious time to save in gold. This could potentially drive up demand and prices. Technical: The gold price has reached support at the trendline, resulting in repeated rebounds. This indicates a strong likelihood of further upward movement. Global economic conditions: The global economic outlook could impact gold prices. If there is uncertainty or instability in the markets, investors may turn to gold as a safe haven. This analysis is based on current market conditions and available information. It is not a guarantee of future price movements.
OANDA:XAUUSDLong
by DNP-FX
2
GOLD → Trading intra-range.. The price continues to stand stillFOREXCOM:XAUUSD has simply been standing still for months now. At least on D1 the range is narrowing and this could lead to something in the medium term. The dollar is forming a correction after a false breakdown. Fundamentally, the index is strong and continues to be supported by US regulators. At 19:00 GMT Bowman FOMC speaks, it is worth paying attention to his comments. Gold at 1 is still in a range. It is quite difficult to anchor an entry point to something because there are no safe zones to open orders inside such consolidation. The good news is that the range is narrowing and the denouement of the situation is approaching. On H1, the price is inside the local range 2039 - 2016 and gold can continue trading inside this consolidation for quite a long time. The resistance was tested earlier, a retest is possible, but on a negative fundamental background and a strong dollar, gold may decline a bit. Resistance levels: 2039, 2042, 2057 Support levels: 2029, 2016, 2004 A retest of the resistance is possible before a further decline within a range trading strategy. It is worth paying attention to the range 2039 - 2029. Breakout of the boundary and price consolidation above resistance or below support will form a signal for price movement in the corresponding direction. COMEX:GC1! TVC:GOLD COMEX_MINI:MGC1! TVC:DXY Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
7
XAUUSD Trading plan on 4H break-outs.Gold (XAUUSD) is technically neutral on the 4H time-frame, ranged within the 4H MA50 (blue trend-line) and 4H MA200 (orange trend-line). The 4H RSI is on a pattern which usually denotes a short-term peak, similar to January 19 and 12. We will apply a break-out trading plan. As long as the price remains within a Channel Down similar to that of Jan 19 - 25, we will be bearish, targeting 2020. If the price closes above the Channel Down and Resistance 1 (2045), we will dump it and turn bullish, targeting 2065 (Resistance 2 and +2.47% from the Low, which is a standard rise % in the past 4 weeks. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSD
by TradingShot
GOLD → A retest of support will lead to a breakout FOREXCOM:XAUUSD under the influence of negative fundamental background is testing the support, from which it is forming the rebound we were waiting for. At this time the dollar is strongly strengthening and overcoming local boundaries. On D1 the price of gold is testing the ascending support, a small rebound and a possible retest of the support may be a signal that the market is ready for further decline. There is no strong news today, several FOMC representatives will speak, but the outlook for inflation and rates is the same. On the XAU graphee, we should pay attention to the support at 2021 and 2016. A retest, price squeeze and pre-breakdown consolidations would indicate that the market is ready for a breakout of this zone for a further decline towards 2004. However, price may still test resistance at 2031, 2039 before further decline. Moving averages are trying to form another line crossover. Resistance levels: 2028, 2031, 2039 Support levels: 2021, 2016, 2004 At the moment, the dollar is ready to grow further, except that a small correction may follow. But fundamentally, the outlook is the same. Gold in this case may break the nearest support and head towards 2000 TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! TVC:DXY Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
3
GOLD is under pressure from Treasury bond yieldsGold prices fell on Monday, pressured by rising US Treasury yields and a stronger US dollar, following a series of solid US economic data, including January nonfarm payrolls and ISM Services PMI. Comments from Federal Reserve policymakers that an interest rate cut in March was unlikely also contributed to the decline in bullion prices. From a technical standpoint, XAU/USD slipped below the 50-day simple moving average following Monday's pullback, but managed to hold above horizontal support at $2,005. For precious metals sentiment to improve, this technical floor must hold; otherwise, sellers may become bolder to start attacking the $1,990 level. On further weakness, attention turns to $1,975. In the event of a bullish reversal in the coming days, which seems unlikely given the lack of positive catalysts and growing headwinds, the 50-day simple moving average is at $2,032 will be the first line of defense against further advances. Looking further out, the next important ceiling is $2,065, followed by $2,085, the late December high.
OANDA:XAUUSD
by Xayah_trading
GOLD → Falling to a strong liquidity area. Retest of D1 supportFOREXCOM:XAUUSD has been losing ground since the opening of the session on the negative fundamental background, which has persisted since last week. The price continues trading inside the range. On the high timeframe the price is declining towards the ascending support line, most likely this area will be tested in the near future. But, as this support plays a rather important role in the market, we should expect a rebound from it, as there is no clear trend in the market and the range trading strategy has the advantage at the moment. On H1, the price has been declining since the opening of the session and is heading towards 2016, from this area, technically, a correction to the strong liquidity area of 2031 may follow. The retest of 2031 and the price reaction will show the further direction, but the prospect is that the fall from this resistance will continue with the target at 2004. Resistance levels: 2031, 2039 Support levels: 2016.8, 2004 As long as the price is inside the range and there is no definite trend in the market, gold may continue to hang around in this channel, trading between the same levels. At the moment there are no such prerequisites, so, for the time being, we should focus on the continuation of trading inside the sideways channel TVC:DXY COMEX:GC1! TVC:GOLD COMEX_MINI:MGC1! Regards R. Linda!
OANDA:XAUUSD
by RLinda
9
GOLD → Friday sales, price in sideways movement FOREXCOM:XAUUSD was ready to overcome the resistance of the 2062 range, but Friday's NFP, with sharply unexpected data of 353K ruined the temporary plans of buyers. The dollar is building strong momentum and continues its strengthening trend. pic: Long-term bullish trend. The price is trading at its maximum values On the 2-week timeframe we see a strong bullish trend, price is trading at its highs and is likely to continue to test the extensive resistance area for a breakout. The reason for this is the high interest in the world during the geopolitical instability, banking crisis, and the huge interest from the world Central Banks, which continue to buy the asset. Fundamentally, gold is no longer actively reacting to the conflicts in the Middle East, but investors continue to buy the metal as a safe haven. Last week Powell made it clear that they will cut the interest rate, but not in March, which disappointed investors a bit, but Friday's NFP, which was apparently bogus, formed a strong sell-off at the end of the week ( high NFP with high jobless claims... ). In the coming week, we should expect the FED chief to speak, as well as other members of the Federal Reserve. On Thursday, Initial Jobless Claims is worth paying attention to. pic: Sideways price movement in the gold market. Neutral position between bears and bulls Locally, on H1, gold is in the 2064-2016 range. Also, there is a strong support area at 2031 from below, after a false break of which the market is buying back the decline a bit. Technically, gold is strong and quite confidently can defend its positions on the background of the dollar growth, but on the background of panic and imbalance from the support, the Market Maker can form another long-squeeze relative to the lower levels. It is also worth paying attention to the fact that the price is still in the range. It is difficult to trade inside the range, so I advise you to look for strong levels or zones. Resistance levels: 2057, 2064, 2040 Support levels: 2031, 2020, 2016 OANDA:XAUUSD TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! TVC:DXY Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
4
GOLD price falls, risks are not goneShort-term gold prices will still be strongly influenced by upcoming economic data and their impact on the USD and expectations of FED interest rate cuts. Next week, only service PMI data and the US weekly unemployment report will be released, so these data may not have much impact on gold prices next week. Technically, considering the H4 time frame ptkt chart, the gold price is currently moving sideways within the range of 2,000-2,065 USD/oz. Next week, if the 2065 resistance mark is broken, the gold price may look up. 2090 level, on the contrary, the 2000 support zone was broken, gold price regained the 1975 mark.
OANDA:XAUUSD
by Xayah_trading
GOLD → How can NFP affect the price of gold?FOREXCOM:XAUUSD is updating highs but continues to be inside a sideways movement limited by resistance at 2065 and support at 2020. The market is in the waiting phase for NFP. Quite an interesting situation this week. The asset is forming a retest of 2062 resistance on D1, but below is a strong support at 2050-2048, which hides a large pool of liquidity behind it. There is a chance that the price may retest this area before or on the backdrop of the news. In the mid-term, it is expected to rise as we have a chance to see NFP below 216K published in December. Technically, gold is in consolidation between 2058 - 2048, a classic situation where the market does not know what will happen. The price is restrained by the resistance of the range 2058-2064, if this area is broken, the distribution to 2078-2088 may be formed. And already below 2030 a panic zone is formed, which, from a theoretical point of view, the price can also test in order to get rid of an unnecessary passenger before further movement of the train. Support levels: 2048.8, 2039.4, 2030 Resistance levels: 2058.3, 2064 Based on the data, we have a high but not 100% chance that NFP may show bearish data for the US market, which could be positive for gold. But! The unpredictability of the news is not canceled! TVC:DXY TVC:GOLD COMEX:GC1! COMEX_MINI:MGC1! Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
13
XAUUSD is still Bearish long-term and this is why.Following the two day price surge after the Fed kept the Interest Rates unchanged and communicated their intensions of being in no rush to cut rates, we believe it would be beneficial to look Gold (XAUUSD) from a long-term perspective again and in doing so, we are updating our December 27 2023 (see chart below) comparison between the 3 Cycle Tops since August 2020: As you can see, we were spot on with shorting the rejection on the 0.618 Fibonacci level (which was the case on the previous 2 Cycles (their first Lower High)) but even though the price did break below the 1D MA50 (blue trend-line), the recent 2-day rise is delaying the 1975.00 Target (Support 1). However Gold is not completely unfamiliar to this as during September 2020, the price made several Lower Highs as well, before hitting Support 1. The 1D RSI break-out sequence above the Falling Wedge, confirms this exact expectation that Gold may trade sideways for as long as a month before a new Lower Low. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSDShort
by TradingShot
GOLD → The sideways movement continues. What's going on?FOREXCOM:XAUUSD continues to be in global and local sideways movement, which is already annoying. The difficulty of trading lies in the fact that it is more difficult to identify strong zones to enter positions than in a trending market. It is allowed to trade from strong borders or zones, otherwise the market will simply tear up. Technically, gold continues to push up to the 2048 resistance. After the false breakdown, there is no fall and we see that the price is slowly but approaching the boundary, but at the same time volumes continue to decline. Or, hidden accumulation of potential is formed and if the price continues slow approach to 2048.7 in the future, the level may be broken soon. But it is too early to say about it. The price makes a false breakdown of 2048.8 and on the retest makes it clear that bears are not letting up yet. On the background of the news, the price may head towards trend support, either from 2048.8 (after another retest), or after a break of 2040, as there are no local reasons for growth beyond 2048.8 at the moment. Support levels: 2039.4, 2030.9, 2020.8 Resistance levels: 2048.8, 2058.3 There are still some important news ahead, most likely the market will not change much, except for some highly volatile movements, but in general the price will remain in a range, probably until tomorrow's NFP TVC:DXY COMEX_MINI:MGC1! TVC:GOLD COMEX:GC1! Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
11
GOLD → Traders are panicking. Growth amid low volumesOANDA:XAUUSD has been trading in a very narrow range lately with low volatility, while the dollar index is standing still. Something very turbulent is coming. A stalemate and confusing situation is forming on D1. On the background of retests of resistance areas and attempts to break the upper trend boundaries, trading volumes are decreasing in the market. Technically, the price is gradually pushing towards the resistance at 2039.4 to break it. After a false breakout, there is no fall and the price is testing this level again. Volumes are falling at this time. There is strong news ahead. In the mid term, traders are waiting for news that could weaken gold. But amid the initial reaction, the XAU price may test the resistances. And after stabilization of the situation, the fall (which is waiting for the market, judging by the volumes) may continue. Resistance levels: 2039.4, 2048, 2058 Support levels: 2033, 2029, 2020 There is news ahead, which will come gradually. The strength of the news is high. Technically, gold may strengthen temporarily, but fundamentally and on the background of weak purchasing power, the price may fall in the future. Everything is determined by the actual fundamental background. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
23
GOLD strong fluctuations after FOMCGold prices fluctuated strongly after US Federal Reserve Chairman Jerome Powell strongly opposed expectations of loosening monetary policy in March. Specifically, at the first monetary policy meeting For the first part of 2024, the US Central Bank decided to leave interest rates unchanged but the head of this central bank, Mr. Powell, rejected the idea of ​​cutting interest rates in the spring, which many market participants did not like. school expected. At the end of the session, the Federal Open Market Committee (FOMC) announced that interest rates would not change until the US Federal Reserve (Fed) has greater confidence that annual inflation is about 2 %. After the meeting, traders reduced bets on the start of US interest rate cuts in March and expected monetary policy easing in May to be possible. In another development, according to a recent report from the World Gold Council, global central banks' gold demand is strong in 2023 with a total purchase of 1,037 tons, of which China is still the main country. country with the greatest need. Experts from the World Gold Council also added that demand will continue to be maintained this year.
OANDA:XAUUSD
by Xayah_trading
1
XAUUSD: Rejection at the top of the Channel Down.Gold is neutral on the 1D technical outlook (RSI = 56.363, MACD = 190.210, ADX = 36.018) with a 4H RSI that turned overbought at 70.000 intraday. This just so happened to take place exactly at the LH trendline of the monthly Channel Down as long as daily closes under the R1 level (2,062.00), the medium term trend remains bearish. Two short entries are recommended here, one to target towards the S1 level (TP1 = 2,005) and the other the bottom of the Channel Down and near the S2 level (TP2 = 1,980). The latter will be closed earlier if the price breaks over the 4H MA50 before hitting the target. See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
FX_IDC:XAUUSDShort
by InvestingScope