Gold Shorts to 1943 range then adjust to longs
This analysis suggests that taking a short position on XAU/USD may be a good idea in the short term. The decision to do so is based on two key factors:
The price is currently at a key 4-hour resistance level of 1975.90
The swing up has been measured using a Fibonacci retracement from the last swing high on the 1-hour chart at 1927.49 to 1990, and the 61.8% retracement level on the pullback is at 1943, which is another 4-hour support/resistance level.
If the price fails to break above the 4-hour resistance level, it could potentially find support at the 61.8% retracement level at 1943. However, if this support level does not hold, the price could continue to move lower towards the next support level at 1927.49.
The price is currently at a key 4-hour resistance level of 1975.90
The swing up has been measured using a Fibonacci retracement from the last swing high on the 1-hour chart at 1927.49 to 1990, and the 61.8% retracement level on the pullback is at 1943, which is another 4-hour support/resistance level.
If the price fails to break above the 4-hour resistance level, it could potentially find support at the 61.8% retracement level at 1943. However, if this support level does not hold, the price could continue to move lower towards the next support level at 1927.49.
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.