Gold Spot / U.S. DollarUpdated XAU Technical Analysis
• Gold has successfully broken its mid-term downtrend line and has risen to around $2062, which is currently at the Fibonacci 0 line.
• The upward trend in gold is likely to persist and it might achieve higher targets. However, it may experience a pullback to lower support levels before continuing its ascent.
• The first significant support level for gold is at $2038.
• On the flip side, if the level of $2062 is breached, it is probable that gold will continue its upward trajectory towards the next resistance area, which is around $2085.
(All analyses will be updated)
This analysis is informational, not financial advice.
• The upward trend in gold is likely to persist and it might achieve higher targets. However, it may experience a pullback to lower support levels before continuing its ascent.
• The first significant support level for gold is at $2038.
• On the flip side, if the level of $2062 is breached, it is probable that gold will continue its upward trajectory towards the next resistance area, which is around $2085.
(All analyses will be updated)
This analysis is informational, not financial advice.
Trade closed: target reached
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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.
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.