Friday proved to be a positive day for OANDA:XAUUSD bulls, as the price successfully surpassed the significant 2040 resistance level. This level was distinguished by the descending trend line originating from the year's beginning, the horizontal resistance, and the neckline of the recently formed double bottom pattern.
Following the breakthrough, the price exhibited a rapid upward surge, swiftly reaching the 2060 resistance level. However, it subsequently experienced a decline, ultimately validating 2040 as a robust support.
As of the current moment, the price hovers around 2055, and the overall market structure is indicative of a bullish trend. Anticipating a future breakthrough beyond the 2060 mark, my strategy involves buying during price retracements with the objective of a subsequent ascent towards 2100.
My bullish sentiment persists as long as the 2040 support level remains intact.
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Gold reversed from 2050 zone. A close near 2060 resistance reinforce the bullish outlook and most probably will lead to a break
no way .. as per my analysis.. gold can go till 2041 and then it can take a bullish ride.
Mihai_Iacob
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@everwelwisher, ex explained in the text, 2040 is support. Buy dips against this level is my strategy
Mihai_Iacob
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What's your opinion on XauUsd, will it break 2060 and rise to 2100 or break back under 2040 level?
everwelwisher
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@Mihai_Iacob, dear as per my opinion! first it will go to 2041, if it breaks then it will go more down below 2020 as there is Fair value gap. and if it cross abouve 2065 then it can ride till 2100
Mihai_Iacob
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@everwelwisher, Thanks a lot for comm. Is exactly my opinion as described