Gold price is widely followed in financial markets around the world. Gold was the basis of economic capitalism for hundreds of years until the repeal of the Gold standard, which led to the expansion of a flat currency system in which paper money doesn't have an implied backing with any physical form of monetization. AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars, which is the common yardstick for measuring the value of Gold across the world.
XAUUSD is approaching our first support at 1263.91 (horizontal swing low support, 100% Fibonacci extension, 78.6% Fibonacci retracement) and a strong bounce might occur above this level pushing price up to our major resistance at 1285.85 (horizontal pullback resistance, 100% Fibonacci extension, 23.6%, 50% Fibonacci retracement).
Stochastic (55,5,3) is also ...
Currency Pair: XAU.USD
Time Frame: Monthly, Weekly, Daily & 4hr
Predicted Direction: Short
XAU.USD updates will be available in the comments section below.
The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.
Short term this week the big probability
still remains short,
Investors who do not enter the market
may consider the short position of the current position.
Stable investors can choose Sell Limit 1275
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The gold has depreciated by a thousand pips since April this year. Any price lower will undoubtedly increase investors appetite to buy the gold.
Combining with the technical support of a weekly rising trendline and the completion of a bat formation at point D, that's very enough reasons to long the gold within the range of 1253 to 1240.
Gold is on a downward trend,there hasn't been any significant push to the upside,just a small retracement,you can take the trade to see if gold will break the resistance at 1261.19,then we are looking at resistance level around 1250.53 to exit the trade.
Currently bullish on gold from a fundamental standpoint also technically. Has found some support here a key level looking long here to zone marked where we could get potential reversal. Very possible to continue lower to 1237 but overall I am Bullish.
I'm placing my sell limit near $1,271 with a stop near $1,274 and open take profit to capture 50/60 pips. On the other hand, my buying limit is $1,261. Good luck!
Keep following
For Gold this week, the price is currently around the median line of pitchfork TF H4 and we can see few retest before defining which direction to go forward. Thru our analysis on TF Weekly is currently hovering around the lower line pitchfork, we find it's a great opportunity to going long in this area.
