ANALYSIS OF XAUUSD ON H1 TIMEFRAME 16/10/2023
- XAUUSD is in an upward trend.
- The price is touching resistance at the 1930 level and showing a slight reaction here. This correction is expected to return to 1912. If FOMO (fear of missing out) is still present at this point, the price may continue to rise. (However, I suggest not entering a position here).
- Look for a selling opportunity at 1965-1970 if there is upward rejection at this price level.
A good buying area with a strong combination is 1872-1883. Look for buying signals at this price level.
- The price is touching resistance at the 1930 level and showing a slight reaction here. This correction is expected to return to 1912. If FOMO (fear of missing out) is still present at this point, the price may continue to rise. (However, I suggest not entering a position here).
- Look for a selling opportunity at 1965-1970 if there is upward rejection at this price level.
A good buying area with a strong combination is 1872-1883. Look for buying signals at this price level.