Gold- Don't sell into this rally!!!
Since Monday I have written that Gold is ready for a reversal and we'll probably have a test of 1930 zone resistance.
After 3 attempts of a new low blocked by bulls just under 1890, XauUsd finally exploded to the upside yesterday, breaking above 1905 minor resistance.
After the intraday high towards 1920, Gold corrected before NY close.
Overnight bulls took control once again and now we are back at 1920.
Technically speaking, XauUsd is bullish at this moment, trading above the descending channel resistance (the channel drawn since the beginning of August) and above the 1905-1910 horizontal resistance.
In my opinion, 1930 will be tested soon, and is very risky at this moment to try to sell into a potential correction, instead, buy dips should be the strategy.
To resume:
- XauUsd is bullish
- Buy dips with a focus on 1910
- Negation under 1900
- Target 1930
After 3 attempts of a new low blocked by bulls just under 1890, XauUsd finally exploded to the upside yesterday, breaking above 1905 minor resistance.
After the intraday high towards 1920, Gold corrected before NY close.
Overnight bulls took control once again and now we are back at 1920.
Technically speaking, XauUsd is bullish at this moment, trading above the descending channel resistance (the channel drawn since the beginning of August) and above the 1905-1910 horizontal resistance.
In my opinion, 1930 will be tested soon, and is very risky at this moment to try to sell into a potential correction, instead, buy dips should be the strategy.
To resume:
- XauUsd is bullish
- Buy dips with a focus on 1910
- Negation under 1900
- Target 1930
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💎 Crypto Channel:
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