Gold (XAUUSD): approaching LONG opportunity
XAUUSD is approaching Fibonacci support around 1300.
On daily chart, DXY is currently showing a hidden divengence which would serve as a confirmation of medium-term downward trend.
In accordance with such view, Stochastic oscillator on DXY is within overbought area.
Such a scenario seems to indicate the approaching opportunity for a LONG position on Gold, once Fibonacci support is tested.
Target level could be at previous highs, around 1350 level.
I'll be watching XAUUSD closely..
On daily chart, DXY is currently showing a hidden divengence which would serve as a confirmation of medium-term downward trend.
In accordance with such view, Stochastic oscillator on DXY is within overbought area.
Such a scenario seems to indicate the approaching opportunity for a LONG position on Gold, once Fibonacci support is tested.
Target level could be at previous highs, around 1350 level.
I'll be watching XAUUSD closely..
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