Gold- at important juncture

24 Jul

Yesterday, after the second test, XAU/USD reversed from 2390 and reached the 2420 resistance zone.
However, last week's drop was impulsive and might only be the first leg of an overall correction within the long-term bull trend.
The rise to just under 2400 appears corrective so far, suggesting we might see another drop below 2400 and eventually a drop below the 2390 support level.

In my opinion, short trades are favored, and the 2420 zone is crucial for traders to watch. However, if the price breaks above this zone, it would indicate a false down break and give an advantage to the bulls, with a new all-time high in sight.

24 Jul

Nota

XauUsd has entered the sell zone indicated in the morning.
A drop from here back under 2415 would confirm that a new leg down could be next.

25 Jul

Nota

After closing the day with a strong Pin Bar, XauUsd continued down and also broke under 2390 zone support.
The next target for bears could be, as I previously said, the 2350 zone.
Sell rallies should remain the strategy

25 Jul

Nota

Yesterday, XauUsd dropped exactly from my sell zone and, after leaving a nice Pin Bar on our daily chart, continued down in the Asian Session, breaking also under 2390 zone support.
This type of price action has strongly bearish implications and I expect further down moves.
Trades should watch the broken level for rates and look for signs of weakness

25 Jul

Nota

XauUsd just hit my target zone.
However, I wouldn't bet on much of a reversal
Both weekly and daily chart are looking strongly bearish