#xauusd #gold - Fighting for another leg up, 3D
Due to the high amount of requests for Gold, here are my two cents:
The odds Gold can grow up until $1550 strongly depend on the outcome of this 3D, looking at where this is struggling right now to hold up, the SMA50 (needs a good bounce from here, little sideways possible), nagging on the R2-Yearly Pivot and the Quarterly Pivot. A decline would be rather bearish nature and likely press down to as low as $1350 levels if breaking $1450. Even if this is solving bullish now, there is going to be the risk of the double top formation.
I have marked the important mid - & long term levels for you to watch closely. At the moment, if someone decides to buy, it would be rather allright to secure, if this is not planned as a long term investment. (Around 3%)
Warm regards,
Neru
The odds Gold can grow up until $1550 strongly depend on the outcome of this 3D, looking at where this is struggling right now to hold up, the SMA50 (needs a good bounce from here, little sideways possible), nagging on the R2-Yearly Pivot and the Quarterly Pivot. A decline would be rather bearish nature and likely press down to as low as $1350 levels if breaking $1450. Even if this is solving bullish now, there is going to be the risk of the double top formation.
I have marked the important mid - & long term levels for you to watch closely. At the moment, if someone decides to buy, it would be rather allright to secure, if this is not planned as a long term investment. (Around 3%)
Warm regards,
Neru
Trade closed: target reached:
Target reached, possible double top, so be aware that a dump can happen with further down options. Next possible long target could be the Yearly Pivot R1.
