1100 is potential buy zone for gold
In my previous analysis, I mentioned 2 sell zones in $XAUUSD that, back then, was rallying towards them.
$XAUUSD couldn't overcome the 1150$ level and declined back towards its uptrend line creating possible bullish opportunity.
1100$ is the key support zone here (1100-1110$).
1. It is s structure zone (now support)
2. Price will meet the uptrend line
3. In case that it'll spike lower, there's a Gartley pattern completion near 1090$
Why I mention the spike scenario for point 3? Cause if the price will complete the pattern, it'll be below the trend line, potentially providing a bearish signal. Only a spike and a close back up above 1100$ will be considered (by me) as possible bullish signal.
Potential targets - 1150, 1170-1180 and 1200 (completion of bearish Gartley)
Check out my latest Youtube video that includes this analysis: youtu.be/g-5YBYX4kLg
Visit my blog: goo.gl/78KZsl
Subscribe to the newsletters: goo.gl/psNTqg
$XAUUSD couldn't overcome the 1150$ level and declined back towards its uptrend line creating possible bullish opportunity.
1100$ is the key support zone here (1100-1110$).
1. It is s structure zone (now support)
2. Price will meet the uptrend line
3. In case that it'll spike lower, there's a Gartley pattern completion near 1090$
Why I mention the spike scenario for point 3? Cause if the price will complete the pattern, it'll be below the trend line, potentially providing a bearish signal. Only a spike and a close back up above 1100$ will be considered (by me) as possible bullish signal.
Potential targets - 1150, 1170-1180 and 1200 (completion of bearish Gartley)
Check out my latest Youtube video that includes this analysis: youtu.be/g-5YBYX4kLg
Visit my blog: goo.gl/78KZsl
Subscribe to the newsletters: goo.gl/psNTqg
Komen:
40$ rally from the uptrend line suggests that we may reach 1170-1180 soon
Komen:
Gold reached first sell zone.
