XAUUSD - Weekly Outlook
Selling rallies in front of 2009 (stop at 2025)
Price action is stalling close to the October swing high(2009). Momentum has been strong over the last 2 weeks, however, the dollar sell-off has stalled and prices are reacting higher which could have a negative impact on XAUUSD.
The 78.6% Fibonacci retracement at 2012 as well as the psychological strength of the 2000 resistance could repel the rally.
A break of 2009 could well lead to a further and rapid rise in prices with stops sitting just above here, However, after such a relatively rapid rise in price, this does offer a good risk/reward opportunity to fade into the rally and look for a re-test of interim support around 1970 in front of major support at 1935.
Our profit target is 1970 & 1935
Resistance: 2009 / 2012 / 2050
Support: 1970 / 1935 / 1905
Selling rallies in front of 2009 (stop at 2025)
Price action is stalling close to the October swing high(2009). Momentum has been strong over the last 2 weeks, however, the dollar sell-off has stalled and prices are reacting higher which could have a negative impact on XAUUSD.
The 78.6% Fibonacci retracement at 2012 as well as the psychological strength of the 2000 resistance could repel the rally.
A break of 2009 could well lead to a further and rapid rise in prices with stops sitting just above here, However, after such a relatively rapid rise in price, this does offer a good risk/reward opportunity to fade into the rally and look for a re-test of interim support around 1970 in front of major support at 1935.
Our profit target is 1970 & 1935
Resistance: 2009 / 2012 / 2050
Support: 1970 / 1935 / 1905
Trade closed: stop reached
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