Overall view of XAUUSD
Updated
1358.5000 top level was reached after a sharp bull trend. Prices settled on a resistance zone and were subjected to a bear pressure. On the daily chart has formed a lower doji bar, confirming a rejection by the bears to drive the prices higher. 1360.000 is an iconic level since 2016 and prices tend to plunge every time they reach that strong resistance area. Odds of a reversal and a bear run are medium/high.
Possible targets : @1320.000 (+2000pips or 20$ per ounce) and @1270.000 (+7000pips or 70$ per ounce).
Advice : Stay bearish and sell at any high point while we don't break the resistance zone or 1360.000 top level.
Correlated pairs : XBRUSD (brent oil) -92.2%, XTIUSD (crude oil) -87.9%,USDCHF -87.9%, EURUSD 69.3%.
We are more likely to experience a strong bull spike with the Energy pairs and USDCHF while a minor effect on the EURUSD.
Possible targets : @1320.000 (+2000pips or 20$ per ounce) and @1270.000 (+7000pips or 70$ per ounce).
Advice : Stay bearish and sell at any high point while we don't break the resistance zone or 1360.000 top level.
Correlated pairs : XBRUSD (brent oil) -92.2%, XTIUSD (crude oil) -87.9%,USDCHF -87.9%, EURUSD 69.3%.
We are more likely to experience a strong bull spike with the Energy pairs and USDCHF while a minor effect on the EURUSD.
Trade closed: stop reached
The resistance zone was broken, with a strong and sharp bull strike. Gold confirmed its buying pressure with an attempt to reach the institutional level 1400.00.
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