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Currently gold is consolidating between 1720 and the 1750 area, we are waiting to see a break from below 1720 and a close to confirm the downward continuation, our first target would be 1700 then 1675. As for our second scenario, if we see a break above the 1750 area, we could see a continuation to the upside, first TP 1770, second at 1820 and as our last target it would be the upper trendline or the channel (1850 area).
From a fundamental perspective, we want to watch closely the USD to see if it has a bullish or bearish news that could cause XAU to move to one way or another. Rising rates can make bonds and other assets more attractive to investors than gold.
Good luck traders!
NajjarTrading
Follow for more content
Comment your thoughts
Currently gold is consolidating between 1720 and the 1750 area, we are waiting to see a break from below 1720 and a close to confirm the downward continuation, our first target would be 1700 then 1675. As for our second scenario, if we see a break above the 1750 area, we could see a continuation to the upside, first TP 1770, second at 1820 and as our last target it would be the upper trendline or the channel (1850 area).
From a fundamental perspective, we want to watch closely the USD to see if it has a bullish or bearish news that could cause XAU to move to one way or another. Rising rates can make bonds and other assets more attractive to investors than gold.
Good luck traders!
NajjarTrading
Comment:
It broke below! We're in a short, first target as we said 1700, good luck.
Comment:
First target hit, wait and see the market's reaction at the 1700 psychological support area.
Comment:
TP2 is close to being hit, stay alarmed!
