OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hi Traders,

After a massive drop due to FOMC and the rise in DXY gold seems to have found a base at the 618 FIB retracement level as well as previous shoulder support as seen in the chart analysis.

My expectations are for gold to rise to the targeted areas.
This is obviously not a quick trade and will take some time however good profit potential can be realised here.

With gold being heavily overbought it is possible to see a decline even further into the 16xx's.

Trade with caution!
Comment: With the weekly close below the 618 FIB as well as below previous market closes at left shoulder it would seem we decline more than this before we swing.

A key area to watch would be the touch of the TL.

This is not financial advice
Trade active:
Looks like we could be seeing some re-distribution taking place for a lower low.

Areas to watch 66, 70, 76.
Potential short areas.

Not financial Advice.
Trade active: We have been met with Spring.

Comments

nice advance seeing head and shoulder
+1 Reply
After we hit 1600-1550 and then 🚀🚀🚀
+1 Reply
@Genti2687, I agree that we have more to go down but those figures land up breaking the trend line.
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allisonf8712 Username_for_trading
@Username_for_trading, my analysis tells me it will go up from now..perhaps come down a tiny but then rocket to the moon
+2 Reply
TeeBanks Genti2687
@Genti2687, i think i agree with you on this, the market at 1950 to 1850 looks like an overbought fake-out.
well let us watch and see
+1 Reply
will uscad take retracemnet ?? or will it go up from.here??? at which point it can fall downward???
Reply