Short

XAUUSD will retest lower support level of 1915.

Updated

XAU is in a current downtrend between 1970 and 1930. We have strong support at the 1930 level; however, after a short retracement to 1946, we return to 1935. The mid-parallel trend line acts as strong support. If broken in 1939, it may continue to rise till 195X. We will keep monitoring the retest at the mid-trend. Otherwise, a bearish push below 1930 will see 1915 retested and the psychological support level of 1900.

It's 1939 or 1930, which ever breaks first.

I believe XAU will retest lower levels.

Note

final retest of the 1930 level, saw gold being rejected to the upside. Once we touch 1939, we either break to the 1945-1950 or head back down to 1930 and push lower low

Note

Broken important support that is now resistance. Small retrace and further down to 1920

Note

Retrace to 1930 complete, now final push to low 1920's

Note

Potentially one last push to 1930 resistance before smashing through 1925 and first support at 1916-1920, this would be a good buying level.

Note

As predicted, Gold has touched resistance of 1931 and now on the way back down to low 1915-1920's

Note

Smashed through 1920 and made it to 1915. Closing short trade and opening retest longs in the area of 1912-1914

Tbacarreza

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.