Desperate attempts of BOE to support the dying GBP has resulted in the up move within the strong bearish trend on the yellow metal. However, we have seen the possible corrective upward progression in three phases (first, second and third rally). As the financial world awaits the result of NFP this week, we have come across a consolidation zone (Consolidation box).
The fibonacci levels are just there to give you a good outlook of the retracement targets of this move. You may consult them as each level breaks but before that happens, we need the decision of this consolidation zone between 1700 and 1730. We need it broken on one of the either sides to look for further target price levels ahead. The local Darvas boxes here will give you a good idea of the extension or retracement targets as one of the two consolidation border levels break.
High hopes from NFP to break through this week long deadlock bargaining on XAUUSD!
However, the upward possible corrective channel has been broken low but the ball is in the queue with the FEDs and NFP data later today. The leviathan bullish rally will break only if they start withdrawing their positions from lower levels so far. Maybe they will take NFP as an excuse or maybe add another rally to the already going progress. Till then, we are not sure about the direction of the trend.
However, the daily weekly and monthly trend still remains bearish so far!
NOTE: It would be great if you could also read the related idea with this idea
Have patience, look for a breakout and happy trading :-)
The fibonacci levels are just there to give you a good outlook of the retracement targets of this move. You may consult them as each level breaks but before that happens, we need the decision of this consolidation zone between 1700 and 1730. We need it broken on one of the either sides to look for further target price levels ahead. The local Darvas boxes here will give you a good idea of the extension or retracement targets as one of the two consolidation border levels break.
High hopes from NFP to break through this week long deadlock bargaining on XAUUSD!
However, the upward possible corrective channel has been broken low but the ball is in the queue with the FEDs and NFP data later today. The leviathan bullish rally will break only if they start withdrawing their positions from lower levels so far. Maybe they will take NFP as an excuse or maybe add another rally to the already going progress. Till then, we are not sure about the direction of the trend.
However, the daily weekly and monthly trend still remains bearish so far!
NOTE: It would be great if you could also read the related idea with this idea
Have patience, look for a breakout and happy trading :-)
Trade active:
Gold broken low, selling with daily open on Monday inshallah ☺️
Trade closed: target reached
