GOLD XAUUSD Price Outlook
Updated
Gold prices have opened the week at a key support level around the 61.8% retracement of the June-August major move.
CURRENT EVENTS:
Short and Long-term strategies may favor Gold strength, while intermediate-term strategies may continue to look for bullish swing scenarios as COVID fears become more serious in the UK & Europe. Recent price action tell us Gold prices have now spent more than the past four months digesting after this summer’s bullish run.
LOOKING FOWARD:
Price area on the chart has continued to form major price structures is 1859-1871: This zone caught support after that pullback first started in August and four months later, it came in as resistance last week to help hold buyers at bay.
TODAY RESISTANCE:
Very simple targets of previous highs.
Target 1 - 1838
Target 2 - 1852
CURRENT EVENTS:
Short and Long-term strategies may favor Gold strength, while intermediate-term strategies may continue to look for bullish swing scenarios as COVID fears become more serious in the UK & Europe. Recent price action tell us Gold prices have now spent more than the past four months digesting after this summer’s bullish run.
LOOKING FOWARD:
Price area on the chart has continued to form major price structures is 1859-1871: This zone caught support after that pullback first started in August and four months later, it came in as resistance last week to help hold buyers at bay.
TODAY RESISTANCE:
Very simple targets of previous highs.
Target 1 - 1838
Target 2 - 1852
Note
Note
Expecting new support before Target 2Trade closed: target reached
No interest in long position past 1845 for the London Session
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