(XAUUSD) Gold Will Soon Break the Consolidation
(XAUUSD) Gold is in Consolidation if Today we are managed to Break the 1413 Level then i am seeing gold on nearly 1390 (Bearish Scenario) Level otherwise the (Bullish Scenario) Gold will Boost From Current level to 1465 after breaking the major resistance at 1452 (Previous Week's High)
Point to Remember: Gold is Overbought that's why its ignoring DXY (US DOLLAR INDEX) keep your eye on RSI.
(Note: Its an analysis author does not guarantee the profit as all traders knows Forex market is Risky)
Point to Remember: Gold is Overbought that's why its ignoring DXY (US DOLLAR INDEX) keep your eye on RSI.
(Note: Its an analysis author does not guarantee the profit as all traders knows Forex market is Risky)
The main trend is up according to the daily swing chart, however, momentum shifted to the downside on Friday with the formation of a dramatic closing price reversal top at $1452.00.
A trade through $1452.00 will negate the closing price reversal top and signal a resumption of the uptrend. There is room to the upside over this level with the next major target the March 14, 2014 main top at $1532.40.
The main trend will change to down on a move through $1413.70. This is followed closely by a pair of main bottoms at $1399.80 and $1396.40.
The short-term range is $1396.40 to $1452.00. Its retracement zone at $1413.70 to $1423.40 provided support on Tuesday.
The intermediate range is $1335.10 to $1467.00. Its retracement zone at $1401.10 to $1385.50 is the next downside target.
The main range is $1285.10 to $1452.00. If the trend changes to down then its retracement zone at $1376.10 to $1354.60 will become the primary downside target.
Daily Swing Chart Technical Forecast
Based on Tuesday’s price action, the direction of the market at the early Wednesday opening is likely to be determined by trader reaction to the short-term 50% level at $1431.70.
Bullish Scenario
A sustained move over $1431.70 will indicate the presence of buyers. This could trigger a quick move into a minor pivot at $1447.30, followed by the main top at $1452.00.
Bearish Scenario
A sustained move under $1431.70 will signal the presence of sellers. The first target is the short-term Fibonacci level at $1423.40. If this fails then look for the selling to extend into the main bottom at $1413.70. Taking out this level will change the main trend to down.