TradePlus-Fx|GOLD: minimum update

TradePlus-Fx Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
💬Description: After quite a long accumulation at the level of 1984.328, the metal failed to go higher, and at the moment, the instrument is steadily trading below the level. This behavior of the instrument casts doubt on the short-term continuation of growth, while market long-positions are only increasing. From this, we can conclude that now the price is being restrained from rising, and limit sellers are doing this.

Now, most likely, market participants will focus on the level of 1972.454, which was also tested for strength not so long ago, and the price immediately bounced off it. This level is called the “rejection level”, a retest of which is very likely in the near future, since it is behind it that buyers’ stop losses are located.

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