XAUUSD: corrective down trend to continue the upward movement
Last week gold price has reached to new a good prices to 1880 and it is in the ascending direction now.
on the other hand, with help of the Fibonacci tool, I can notice the price at the current level need a correction at prices levels of 1850-1859. Moreover, beside the naked strategy; because there is a resistance at price level 1888 the price has tried twice to break that level but it couldn't. . So we notice the clear touch bar and it droped on the 4H time frame.
In conclusion there is upward direction from price 1859 to see new levels in 1900 - 1910.
Please share your thoughts with me.
XAUUSD
on the other hand, with help of the Fibonacci tool, I can notice the price at the current level need a correction at prices levels of 1850-1859. Moreover, beside the naked strategy; because there is a resistance at price level 1888 the price has tried twice to break that level but it couldn't. . So we notice the clear touch bar and it droped on the 4H time frame.
In conclusion there is upward direction from price 1859 to see new levels in 1900 - 1910.
Please share your thoughts with me.
XAUUSD
Trade closed: target reached:
Just an update for gold prices according to technical analysis,
There was no strong correction to the expected price, due to the purchasing power that dominated the movement of the market. As soon as the price fell to the demand levels, there were enough buying orders, which led to the strong rise that occurred yesterday.
During the next week, we will expect new technical levels.
There was no strong correction to the expected price, due to the purchasing power that dominated the movement of the market. As soon as the price fell to the demand levels, there were enough buying orders, which led to the strong rise that occurred yesterday.
During the next week, we will expect new technical levels.