XAU/USD Technical Analysis
Hello again traders, This is my personal take upon Gold, currently running. Bears have entered into the market and threw gold off of a mountain. However, after this bearish run we are now seeing some form of pullback at a significant intraday key level (blue zone). We can see gold has tapped this key support zone and rejected perfectly on all time frames.
With this is mind looking back at this zone gold has previously rejected it therefore, validating it as viable key level. Expecting a pullback i used a Fibbonacci to anticipate levels where gold could possibly pullback to before continuing its move downwards. Conveniently, the 61.8% retracement aligns nicely with a broken trendline. Indicating we could be in for a trendline re-test.
Finally, Gold has both broken structure and direction therefore, the overall trend is now bearish however, i am anticipating a pullback to capture a decent move with a favourable RR.
This is my analysis regarding Gold. If you enjoyed please drop a like and be sure to follow.
With this is mind looking back at this zone gold has previously rejected it therefore, validating it as viable key level. Expecting a pullback i used a Fibbonacci to anticipate levels where gold could possibly pullback to before continuing its move downwards. Conveniently, the 61.8% retracement aligns nicely with a broken trendline. Indicating we could be in for a trendline re-test.
Finally, Gold has both broken structure and direction therefore, the overall trend is now bearish however, i am anticipating a pullback to capture a decent move with a favourable RR.
This is my analysis regarding Gold. If you enjoyed please drop a like and be sure to follow.
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