XAUUSD Too Early for BULLS to Take Over, Still BEARISH
XAUUSD saw a nice bounce up from the area of 1125-30. However, looking at structure and possible retracement levels of the downward move which started at 1340, we can see that GOLD was unable to beat 1180.
23.60% Fibonacci Level held its ground and there is important structure on the left hand side of the graph, highlighted in blue. Red line also indicates important resistance.
It is well known that in the long run XAUUSD is usually inflationary and bullish. However, graph is pretty much self-explanatory so I would not jump on the Bull bandwagon. At least not yet.
23.60% Fibonacci Level held its ground and there is important structure on the left hand side of the graph, highlighted in blue. Red line also indicates important resistance.
It is well known that in the long run XAUUSD is usually inflationary and bullish. However, graph is pretty much self-explanatory so I would not jump on the Bull bandwagon. At least not yet.