Gold technical analysis
The momentum is clearly bullish and the XAUUSD chart
Keep a close eye on short-term support levels including $2120 area, which now needs to hold to keep the bulls in full control of short-term price action. However, if a few short-term support levels break down then we could see another typical rug pull. Specifically, a move below today’s earlier low at $2110 could send the metal plunging back down towards key long-term support area around $2075 to 2088 area.
On the upside, meanwhile, the high from December at $2146 is out only point of reference to guide our trading decisions. If that level breaks, then watch out for Fibonacci extension levels and key round handles like $2150 to potentially offer soe resistance.
All told, the path of least resistance is clearly to the upside, but with prices over-extended, a short-term correction should not come as a shock.
The momentum is clearly bullish and the XAUUSD chart
Keep a close eye on short-term support levels including $2120 area, which now needs to hold to keep the bulls in full control of short-term price action. However, if a few short-term support levels break down then we could see another typical rug pull. Specifically, a move below today’s earlier low at $2110 could send the metal plunging back down towards key long-term support area around $2075 to 2088 area.
On the upside, meanwhile, the high from December at $2146 is out only point of reference to guide our trading decisions. If that level breaks, then watch out for Fibonacci extension levels and key round handles like $2150 to potentially offer soe resistance.
All told, the path of least resistance is clearly to the upside, but with prices over-extended, a short-term correction should not come as a shock.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.