XAUUSD On the daily chart, gold has recovered from the technical level of $2,613, but the recovery is still limited by the upper edge of the price channel, along with the nearest resistance level noted at the 0.618 Fibonacci retracement point. % and EMA21.
Considering the current price position, gold still has a technical outlook of falling in price with the main trend being noticed by the price channel. On the other hand, the Relative Strength Index has not yet surpassed the 50 level, the 50 level is considered resistance/support depending on the position of the RSI and on the current daily chart it is considered a resistance.
In the short term, if gold falls below the technical level of $2,613 it will have room to fall a bit further with a target level then around $2,600 and more to the $2,592 price point of the 0.786% Fibonacci retracement. .
XAUUSD Beware of those claiming to have made a specific number of pips or saying their first and second take-profits (TP) were hit. Many of these are scams designed to lure you into messaging them for their "strategy," only for them to push a paid signal service. Stay cautious.
Truly successful traders don’t spend time boasting online about how many pips they’ve made.