At Friday's close, the price of XAU surged to a high of 2088. Currently, market sentiment indicates that traders are inclined to engage in selling actions within the price range of 2088-2099. Consequently, the most ideal target amidst this bearish sentiment is approximately 2016.
This suggests a propensity to observe a decline in the price of gold from the recently attained peak levels. Traders are seeking opportunities to capitalize on the significant price increase witnessed earlier. By setting a target around 2016, they anticipate that the price will revert downwards towards that level.
Note:
It is noteworthy that if the price were to directly reach 2092, then the best-case scenario would be bullish movement up to 2140. However, if there is a tendency towards a decline, then it may reach 2065 and rebound towards 2014 in the coming days.
Goodluck traders !!!
This suggests a propensity to observe a decline in the price of gold from the recently attained peak levels. Traders are seeking opportunities to capitalize on the significant price increase witnessed earlier. By setting a target around 2016, they anticipate that the price will revert downwards towards that level.
Note:
It is noteworthy that if the price were to directly reach 2092, then the best-case scenario would be bullish movement up to 2140. However, if there is a tendency towards a decline, then it may reach 2065 and rebound towards 2014 in the coming days.
Goodluck traders !!!
Trade active
Trade closed: target reached