Gold has reached the upper regression channel, 1260 zone is strong resistance.
It all depends on US Final GDP q/q and Core Durable Goods Orders m/m data. Will it give a strong catalyst to push Gold beyond 1260 zone or maybe it could make gold fall deeper to retest the bottom trendline at 1238-40 zone (31.80% Fibonacci retracement).
Currently, based on my chart, maybe selling from 1260-61 zone with a target 1255, 1250 (Mid regression line) is a good idea.
A potential good BUY entry at 1255, 1250, 1240.
It all depends on US Final GDP q/q and Core Durable Goods Orders m/m data. Will it give a strong catalyst to push Gold beyond 1260 zone or maybe it could make gold fall deeper to retest the bottom trendline at 1238-40 zone (31.80% Fibonacci retracement).
Currently, based on my chart, maybe selling from 1260-61 zone with a target 1255, 1250 (Mid regression line) is a good idea.
A potential good BUY entry at 1255, 1250, 1240.
Trade active:
So far so good, it has reached the 1st target zone 1255, the next potential target is 1250.
PS: We have to pay close attention to the possibility of a Government shutdown. It could give a strong catalyst to push XAU beyond 1260 zone or it might make XAU fall deeper to retest the bottom trendline at 1238-40 zone (31.80% Fibonacci retracement).
PS: We have to pay close attention to the possibility of a Government shutdown. It could give a strong catalyst to push XAU beyond 1260 zone or it might make XAU fall deeper to retest the bottom trendline at 1238-40 zone (31.80% Fibonacci retracement).
Trade active:
The US government shutdown and it perfectly rejecting 1255, it just needs to breach 1260s zone (Strong resistance) to confirm the continuation of the rally.
Trade closed: target reached:
1255 was the short term sell target, BUY signal activated at 1255.