Gold sold off on Friday, but the bulls managed to fend off the attack on the psychological $2,000 level, allowing the price to establish a base and recover on Monday, a sign signal that the path of least resistance remains to the upside, with the precious metal benefiting from the uptrend.
If XAU/USD remains on its bullish trajectory, and breaks out of the 2034 price zone and closes above it, the first hurdle to watch will appear at $2048, followed by the 2023 highs shortly. under $2,070. A successful test of this technical hurdle could consolidate upward momentum, paving the way for a move towards the channel's resistance at $2,100.
In the event of a failure, initial support lies at $2,000, but a breakdown could attract sellers and create suitable conditions for a pullback towards $1,975. On further weakness, the next downside target will move to the 50-day simple moving average hovering around the $1958 level.
SELL Scalp GOLD 2032 - 2029
Stoploss: 2035
Take profit 1: 2027
Take profit 2: 2020
Take profit 3: 2010
BUY GOLD 2000 - 2003
Stoploss: 1995
Take profit 1: 2010
Take profit 2: 2020
Take profit 3: 2030
If XAU/USD remains on its bullish trajectory, and breaks out of the 2034 price zone and closes above it, the first hurdle to watch will appear at $2048, followed by the 2023 highs shortly. under $2,070. A successful test of this technical hurdle could consolidate upward momentum, paving the way for a move towards the channel's resistance at $2,100.
In the event of a failure, initial support lies at $2,000, but a breakdown could attract sellers and create suitable conditions for a pullback towards $1,975. On further weakness, the next downside target will move to the 50-day simple moving average hovering around the $1958 level.
SELL Scalp GOLD 2032 - 2029
Stoploss: 2035
Take profit 1: 2027
Take profit 2: 2020
Take profit 3: 2010
BUY GOLD 2000 - 2003
Stoploss: 1995
Take profit 1: 2010
Take profit 2: 2020
Take profit 3: 2030
Note
SELL 2032 => To 2023. 100pips runningTrade active
SELL 2048 => To 2038, 100pips running
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.