Here is my thinking for coming days. Gold can move up from 2025-2026 area. It has touched our first target of 2025-2026. It can move up to 2055 and if it holds it then can move up to 2065. For the completion of M patten gold should hit at least 2065 or for more confirmation it should touch 2088.
On the down side if it cant hold 2025 support then it can retest 2002 and for further downward movement it should break 2002 and then it will reached our last target of 1972. Gold price remains under some selling pressure for the second successive day on Monday and seems vulnerable to extending last week's retracement slide from the 2065 area, or a one-month peak. Friday's blockbuster US jobs report reaffirmed market expectations that the Federal Reserve (Fed) will keep interest rates higher for longer, which remains supportive of rising US Treasury bond yields and lifts the US Dollar (USD) to its highest level since December 11.
For further downward movement gold daily candle should be closed under 50SMA. From a technical perspective, acceptance below the 50-day Simple Moving Average and a subsequent slide below Friday's swing low, around the 2028-2027 region, could drag the Gold price to the 2012-2010 area. This is followed by the 2000 psychological mark, which if broken decisively might shift the bias in favor of bearish traders and expose the 100-day SMA support near the 1983-1982 region. The XAU/USD could eventually drop to challenge the very important 200-day SMA, near the 1965 area.
Most Watchable areas:
2055-2065 for upward movement
2025-2009 for downward movement
Note
Please never follow anyone blindly and always remember following key points:
1- First and Last thing in trading is patience.
2- Risk management in trading is a Key so use your money accordingly.
3- Please Don't think I'm always right. I could be wrong, same as every other trader.
4- I always posted my thoughts, not financial advice.
5- Please use your mind and try to get knowledge about market. It will help you in future
Thank you and Good Luck!
On the down side if it cant hold 2025 support then it can retest 2002 and for further downward movement it should break 2002 and then it will reached our last target of 1972. Gold price remains under some selling pressure for the second successive day on Monday and seems vulnerable to extending last week's retracement slide from the 2065 area, or a one-month peak. Friday's blockbuster US jobs report reaffirmed market expectations that the Federal Reserve (Fed) will keep interest rates higher for longer, which remains supportive of rising US Treasury bond yields and lifts the US Dollar (USD) to its highest level since December 11.
For further downward movement gold daily candle should be closed under 50SMA. From a technical perspective, acceptance below the 50-day Simple Moving Average and a subsequent slide below Friday's swing low, around the 2028-2027 region, could drag the Gold price to the 2012-2010 area. This is followed by the 2000 psychological mark, which if broken decisively might shift the bias in favor of bearish traders and expose the 100-day SMA support near the 1983-1982 region. The XAU/USD could eventually drop to challenge the very important 200-day SMA, near the 1965 area.
Most Watchable areas:
2055-2065 for upward movement
2025-2009 for downward movement
Note
Please never follow anyone blindly and always remember following key points:
1- First and Last thing in trading is patience.
2- Risk management in trading is a Key so use your money accordingly.
3- Please Don't think I'm always right. I could be wrong, same as every other trader.
4- I always posted my thoughts, not financial advice.
5- Please use your mind and try to get knowledge about market. It will help you in future
Thank you and Good Luck!
Comment:
We have achieved our first target of 2025 and now we need to see that it can hold the 2020 area or not. If not then it will retest 2009-2002 area. If you want to close your sell its up to you or move your stop loss into profit. Thanks
Trade closed: target reached:
As I have already mentioned it was long term trading chart like this
We have achieved our target and if you want to close your trade its up to you otherwise you can hold it till the final target of 1972 but for this you should show some patience. I will update in new chart about upcoming movement.
We have achieved our target and if you want to close your trade its up to you otherwise you can hold it till the final target of 1972 but for this you should show some patience. I will update in new chart about upcoming movement.
