Weekly market breakdown: XAU/USD
Updated
this weekly perspective may be quite simple! Gold has extensively moved to the upside, the price nearly tapped the psych region of $1350 which was tested previously in Feb '19. It could be formidable for the price to make a correction towards our highlighted price region(confluence with 61.8% fib level+ key supp level) before testing new highs around the supply zone of $1360 this is because if the weekly candle closes below our trendline and candlestick show further signs of buying exhaustion, more sell orders could be involved at those peak prices ... Weekly MA crossovers also suggesting further momentum to the upside.
Trade closed: target reached
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.