XAU/USD is going in sideways movement forming a gradual downtrend testing the S&R. If it breaks the lower support we're looking at a bearish breakout to the 1458 - 1461 level. Then a potential retest back up to 1477-1483 area in the next few days. However US news release regarding the United States-Mkit services Flash-Markit at 14:45 tomorrow could create...
Gold getting ready to move on the ups. Currently sitting at PRICE 1464 area, possible bullish move could drive GOLD to 1475 area.
Traders should look out for signs of weakness and carefully read patterns to find a good entry.
In the short term i expect by the season a price around 1500 with a sell off after it to around 1430 to 1390 something.
Its a mathematical law that it has to meet the sma 200, its 5 years ago, that a period took so long as now.
My view on gold at the moment is that it will retrace to the trend line that has previously been respected twice and then rocket from there. 1466 is the region to watch for Long opportunities. Gold is cheap at the moment. 1600 expected by new years. Overall trend on daily is bullish.
1466 also sits perfectly on the 0.382 fib level retracement.
I am already long XAUUSD(Gold) from the Yellow cypher on my chart.
However we now have another opportunity to add position long, price is sitting at the 61.8 of the previous Low to High.
Strong Support @ 1468.50 zone in grey.
Bullish cypher still in play for extension target.
ABCD completing into 1.27 ext target zone...