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.
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.
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.