Consolidation at resistance is possible maybe a shallow pullback. Further corroboration of strength of gold against other currencies.
Hoping for pullback to recent breakout area to go long.
A firm break above the latter will open doors towards $1,884, where the R3 monthly pivot point aligns.
Alternatively, if sellers manage to find a strong foothold below the confluence of the Fibonacci 23.6%, the daily pivot point and weekly R2 pivot at $1,859, the corrective pullback could gain traction.
The next downside target is seen at the previous hourly low...
HELLO TRADER'S THIS IS MY BEARISH TREND Analyze WAIT FOR PRICE TREND RESPECT IN PREVIEWS SUPPORT AND RESISTANCE ZONE AFTER TREND CONTINUE TO DOWNTREND MOMENT IM FOCUS .
Gold is trying to recover. Still in the downward channel, now at a key resistance area as shown in the chart. Also has 50EMA confluence there.
Watch out for the action around this key zone. Can determine the direction based on breakout or breakdown at this key zone.
Great one here straight off the bat great upside potential - ignore indicator below its inaccurate gold will push up
BITFINEX:XAUTUSD
OANDA:XAUUSD
TVC:XAU
NASDAQ:XAU
TSX:XAU
BITFINEX:XAUTBTC
FX_IDC:XAUUSD
BITFINEX:XAUTBTC
FOREXCOM:XAUUSD
FX_IDC:XAUTRYG
OANDA:XAUEUR
BITFINEX:XAUTUSDLONGS
BITFINEX:XAUTBTCLONGS
OANDA:XAUAUD
FX_IDC:XAUTRY...
HEAD AND SHOULDERS AND A POTENTIAL BEARISH GARTELY, Waiting for the full formation of A Reversal pattern, im goin to take a long term short position on this pair
Gold did its thing in 2020, the worse financial year since WWII, and I have to say it was nothing impressive. Investors pilled up in foreign stocks and digital assets, gold resembles more and more a pure commodity than a monetary safe heaven.
Currently is hitting the 200ma, and for me it will keep going down, perhaps to retest lower levels, after that a long...
Confluences:
1) XAUGBP has broken out of what looked to be a descending triangle pattern
2) Price closed above 20/50/100 EMA after thursdays rally and held above this on friday
3) XAUUSD rise will give positive sentiment to gold (correlation)
4) Biden victory
5) GBP weakness seen all of last week
6) Linked to point 5 - Brexit uncertainty / news releases...
