Daily Chart Explanation:
Price may start a corrective movement on this zone, like an ABC correction towards the bottom of the Ascending Channel. If the bottom of the corrective movement and the channel are broke, then it has potential to reach the 1360-1380 zone again.
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Gold just got rejected the second time at the 0.5 monthly Fib level, which created a double top.
I think that we can now prepare for a retest of the 0.23 weekly Fib level at $1356 at least, even to 0.38 monthly Fib level at $1346, which both aligning perfectly with the new formed support zone.
From there we can expect further up moves to $1500 and beyond.
Hi all, I believe that xauusd can go either direction from where we are currently at but I believe that price will go up since price is at an area where buyers have had a little more control over for a while before! Set those pending orders! :) Have fun all!
A significant rally characterized the gold exchange rate due to the escalation of the commercial war
Investors are interested in reliable instruments after introducing new import duties on Donald Trump Mexico.
Because of the instability caused by the commercial war, it increased demand for the Japanese yen, which is gaining hand in hand with gold.
1H CHART EXPLANATION:
We observe that price is making a potential Head and Shoulders pattern. Anyway, at this moment it is facing the Ascending Trendline, so we will wait it to be broken to take short positions towards the neckline (support zone) and if the support zone is broken, then wait for a pullback to enter again.