Mahtab_Tradia

XAUUSD Approaching To The Resistance Level

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
There is an uptrend and price is in an ascending parallel channel .

On the other hand, price is approaching to the channel’s upper band and also reaching the resistance levels at 1796-1805 which I consider it as a supply zone either.

I expect the price to touch 1790 and even higher to revisit the supply level (1796-1800), then IF there was any strong push to the downside and a rejection from the channel’s upper band, we might see a fall in price to retest the channel’s lower band (around 1775).
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Comments

Hi Mahtab, I'd just like to caution about shorting Gold right now. While it is true that we are approaching a major resistance level at the 1790-1800 range (and btw this is also the resistance area of both the major moving averages EMA100 and EMA200), the main downtrend has already been broken. The first wave from the 1675 bottom was quite strong. Being currently on the 3rd wave, we can expect this uptrend to be significantly stronger. So I'm expecting this uptick to last up to 1817-1850 (next major resistance area) before deciding to correct and consolidate.
+2 Reply
@ak97b i have the same opinion.
Reply
@ak97b Thanks for your valuable information mate 👍🏻😊🙏🏻
Reply
accurate forecast
+1 Reply
@shahabmirzabeigi 🙏🏻🙏🏻🙏🏻
Reply
fantastics 👍🏻
+1 Reply
@Bobby_87 😊🙏🏻
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Awesome illustration, shorting this one as well!
+1 Reply
@Investroyllc Appreciate your support🙏🏻
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I Really liked that you are posting this Mahtab, the way you drew charts are very helpful for others it can clearly boubce from 1760 a break below could break the overall buy structure and could drag the bear to near term 1708 midterm and 1678 last zone
+1 Reply
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