Hello Everyone,
It's been a long time since I analyzed precious metals, such as Gold and Silver. Since the drop from the gray supply area made a retest to the red area and continued to drop even further while making lower highs and lower lows within Fibonacci levels I have drawn on the chart.
Unlike
BTCUSD
, Gold did not recover from the drop so fast, instead, it continued to test an area where I marked as a possible demand area. Unless
XAUUSD
manages to break recent highs and makes a reversal, i can't speak of an uptrend move at all. However, the orange consolidated zone has not been visited since the breakout. Usually when a fresh zone gets tested for the first time, it reacts significantly. So for those who seek long setups or buyers, should observe this level to see how the price reacts when it enters the zone.
It's been a long time since I analyzed precious metals, such as Gold and Silver. Since the drop from the gray supply area made a retest to the red area and continued to drop even further while making lower highs and lower lows within Fibonacci levels I have drawn on the chart.
Unlike
BTCUSD
, Gold did not recover from the drop so fast, instead, it continued to test an area where I marked as a possible demand area. Unless
XAUUSD
manages to break recent highs and makes a reversal, i can't speak of an uptrend move at all. However, the orange consolidated zone has not been visited since the breakout. Usually when a fresh zone gets tested for the first time, it reacts significantly. So for those who seek long setups or buyers, should observe this level to see how the price reacts when it enters the zone.