mgh85

xauusd possible move

FX:XAUUSD   Gold Spot / U.S. Dollar
The instrument is in an uptrend as a corrective move. I personally think the move will continue to1852 -weekly resistance- which is in line with 0.786 fibo ret of the previous downward impulse and a strong supply area. From there, we will have another downtrend that will pass the previous low, and I think the price will move downward to 1619 which is weekly support. This is a midterm analysis. for now, if the price had a good correction you may long with a target of 1832. A breakout from this previous high will trigger the next target at 1852.

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