XAUUSD Strong buy signal at the bottom
Fundamentals
Gold prices rose in early trade as better-than-expected U.S. economic data and a hawkish tone from the Federal Reserve dampened demand for the safe-haven metal, in what could be a technical rebound following Tuesday's dip. If buyers regain control of the market and manage to push prices above $2,000 an ounce, this could create a more "favorable environment" for gold to rally to $2,050, then $2,070, and then to new all-time highs.
Technical Analysis
From the RSI indicator, the 4H cycle has started to rebound in the oversold area, the long/short watershed pivot 1994, above if buyers continue to push prices back above $2000, then gold prices will continue to return to the daily level upside channel, then the next target level is 2077.
Operating recommendations
Long
Entry price 1990
T1 2000
SL 1985
Gold prices rose in early trade as better-than-expected U.S. economic data and a hawkish tone from the Federal Reserve dampened demand for the safe-haven metal, in what could be a technical rebound following Tuesday's dip. If buyers regain control of the market and manage to push prices above $2,000 an ounce, this could create a more "favorable environment" for gold to rally to $2,050, then $2,070, and then to new all-time highs.
Technical Analysis
From the RSI indicator, the 4H cycle has started to rebound in the oversold area, the long/short watershed pivot 1994, above if buyers continue to push prices back above $2000, then gold prices will continue to return to the daily level upside channel, then the next target level is 2077.
Operating recommendations
Long
Entry price 1990
T1 2000
SL 1985
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.
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.