XAUUSD Strategy for the new day
Signal has been identified
XAUUSD
From a technical perspective, bearish traders need to wait for a sustained break below the very important support of the 200-day Simple Moving Average (SMA), currently pegged around the $1903 area. -$1902, before preparing for further losses. Some subsequent selling below the $1,900 mark will confirm a fresh breakdown and pave the way for further losses.
Thereafter, Gold price could become vulnerable as it accelerates its slide below the June monthly swing low, around the $1,893-$1,892 region, towards a test of the next relevant support near $1,870 horizontal area on the way to $1,858- $1,857 zone.
XAUUSD
From a technical perspective, bearish traders need to wait for a sustained break below the very important support of the 200-day Simple Moving Average (SMA), currently pegged around the $1903 area. -$1902, before preparing for further losses. Some subsequent selling below the $1,900 mark will confirm a fresh breakdown and pave the way for further losses.
Thereafter, Gold price could become vulnerable as it accelerates its slide below the June monthly swing low, around the $1,893-$1,892 region, towards a test of the next relevant support near $1,870 horizontal area on the way to $1,858- $1,857 zone.
SL : 1890
TP 1: 1906
TP 2: 1910
TP 3: 1915