IDEA XAUUSD -- READ DESCRIPTION IMPORTANT
Updated
We are in a not very clear zone for gold, these 2 are the patterns that gold could follow during the next few days
We have a trend line that makes a very important support that started from the 1574 level and continued playing in 1675 and 1848,
If gold fell to the 1850 level we would have a breakout of this important support,
If the support breaks (important trend line) we could be based on a downtrend channel formed from the 2071 level, which would indicate a significant drop in gold, as we would be breaking the support.
In the event that gold rises during the next few days, it could indicate that the downward channel continues but formed from the 2013 level, if it were to touch the 2013 level, we would be breaking the 1918 resistance, which would indicate that gold would rise , we would possibly see a trend line break that makes resistance from the 2013 level, we would see a retest and then it would rise
We can see that today we have seen that gold has fallen by touching the 50% fibonacci retracement from the point (1974, 1848), at the 1918 level where the resistance is.
Comment your opinion
Thank you
We have a trend line that makes a very important support that started from the 1574 level and continued playing in 1675 and 1848,
If gold fell to the 1850 level we would have a breakout of this important support,
If the support breaks (important trend line) we could be based on a downtrend channel formed from the 2071 level, which would indicate a significant drop in gold, as we would be breaking the support.
In the event that gold rises during the next few days, it could indicate that the downward channel continues but formed from the 2013 level, if it were to touch the 2013 level, we would be breaking the 1918 resistance, which would indicate that gold would rise , we would possibly see a trend line break that makes resistance from the 2013 level, we would see a retest and then it would rise
We can see that today we have seen that gold has fallen by touching the 50% fibonacci retracement from the point (1974, 1848), at the 1918 level where the resistance is.
Comment your opinion
Thank you
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