The latest decline is a technical correction rather than the beginning of a bearish trend. Additionally, Gold price holds comfortably above the 100-period Simple Moving Average (SMA).
On the upside, $1,780 (Fibonacci 38.2% retracement of the March-November downtrend) aligns as initial resistance. With a daily close above that level, XAUUSD is likely to face strong resistance at $1,800 (200-day SMA) before targeting $1,830 (Fibonacci 50% retracement).
Interim support seems to have formed at $1,750. In case XAUUSD falls below that level and starts using that level as resistance, it could extend its downward correction toward $1,720 (100-day SMA, Fibonacci 23.6% retracement) and $1,700 (psychological level, 20-day SMA).
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Short Term view is bearish..personally I think it may go down to touch 1720...
On the upside, $1,780 (Fibonacci 38.2% retracement of the March-November downtrend) aligns as initial resistance. With a daily close above that level, XAUUSD is likely to face strong resistance at $1,800 (200-day SMA) before targeting $1,830 (Fibonacci 50% retracement).
Interim support seems to have formed at $1,750. In case XAUUSD falls below that level and starts using that level as resistance, it could extend its downward correction toward $1,720 (100-day SMA, Fibonacci 23.6% retracement) and $1,700 (psychological level, 20-day SMA).
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Short Term view is bearish..personally I think it may go down to touch 1720...
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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.