If you are looking for a buy in XAUUSD there is good news for you because Gold has yet to retrace before it continues its downward momentum.
1. Gold is already oversold which can be seen on RSI on daily chart.
2. We also have a divergence on 4hr chart on AO marking a potential retracement from this level.
3. We have two resistance levels 1907 and 1940(which is also 0.5 level of Fib Retracement level).
4. First long position can be from 1887 with SL at 1884 at TP at 1907.
5. Second long position is possible if price breaks above 1907 and retest successfully then we can enter long till 1938-1940.
Note: Look for Weekly Analysis for deep understanding.
1. Gold is already oversold which can be seen on RSI on daily chart.
2. We also have a divergence on 4hr chart on AO marking a potential retracement from this level.
3. We have two resistance levels 1907 and 1940(which is also 0.5 level of Fib Retracement level).
4. First long position can be from 1887 with SL at 1884 at TP at 1907.
5. Second long position is possible if price breaks above 1907 and retest successfully then we can enter long till 1938-1940.
Note: Look for Weekly Analysis for deep understanding.