XAUUSD may rise to 2029.00 - 2033.00 towards 2050.00
Pivot
2011.00
Our preference
Long positions above 2011.00 with targets at 2029.00 & 2033.00 in extension 2050.00.
Alternative scenario
Below 2011.00 look for further downside with 2007.00 & 2002.00 as targets.
Comments:
Gold recently reversed up from the support level 1980.00 (which formed the daily Morning Star in December), intersecting with the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from November.
The upward reversal from the support level 1980.00 created the daily Japanese candlestick reversal pattern Doji, which marked the end of the previous minor correction 2.
Given the clear daily uptrend, Gold can be expected to rise further to the next resistance level 2050.00 (which reversed the price twice from January).
The RSI shows upside momentum.
Supports and resistances
2050.00
2038.00
2033.00
2029.00
2020.29 Last
2011.00
2007.00
2002.00
Number of asterisks represents the strength of support and resistance levels.
2011.00
Our preference
Long positions above 2011.00 with targets at 2029.00 & 2033.00 in extension 2050.00.
Alternative scenario
Below 2011.00 look for further downside with 2007.00 & 2002.00 as targets.
Comments:
Gold recently reversed up from the support level 1980.00 (which formed the daily Morning Star in December), intersecting with the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from November.
The upward reversal from the support level 1980.00 created the daily Japanese candlestick reversal pattern Doji, which marked the end of the previous minor correction 2.
Given the clear daily uptrend, Gold can be expected to rise further to the next resistance level 2050.00 (which reversed the price twice from January).
The RSI shows upside momentum.
Supports and resistances
2050.00
2038.00
2033.00
2029.00
2020.29 Last
2011.00
2007.00
2002.00
Number of asterisks represents the strength of support and resistance levels.