Mihai_Iacob

Gold- Why do I think 1850 will be broken?

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Yesterday I wrote a commentary in which I said that, in my opinion, 1900 will be reached by the end of the year and some of you have asked me why I think 1850 will be broken, some even drew my attention to this resistance/sell zone. I've seen it, and that's exactly the problem I have with selling at this level, EVERYONE HAS SEEN IT, and that's my main concern!!!
So I will consider 3 scenarios for next week:
1. Gold consolidates in the range between 1830 and 1845 then breaks up and continues towards 1870-1880 zone
2. Gold corrects to the short-term support zone around 1817-1820 and then continues its upward trajectory.
3. Gold has a new attempt to break under 1800 and then reverse up (this is less probable in my view)

Obviously, there is also the scenario in which gold continues its bear medium-term trend and makes a new low below 1765, but for this exists SL.

🚀 Elevate your trades with a 20-year market veteran!

📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals

💎 Crypto Channel:
t.me/FanCryptocurrency

🌟 Premium Contact:
t.me/IacobMihai
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.