XAUUSD Potential Retracement
Updated
Gold has reached the upper regression channel, 1260 zone is strong resistance.
It all depends on US Final GDP q/q and Core Durable Goods Orders m/m data. Will it give a strong catalyst to push Gold beyond 1260 zone or maybe it could make gold fall deeper to retest the bottom trendline at 1238-40 zone (31.80% Fibonacci retracement).
Currently, based on my chart, maybe selling from 1260-61 zone with a target 1255, 1250 (Mid regression line) is a good idea.
A potential good BUY entry at 1255, 1250, 1240.
It all depends on US Final GDP q/q and Core Durable Goods Orders m/m data. Will it give a strong catalyst to push Gold beyond 1260 zone or maybe it could make gold fall deeper to retest the bottom trendline at 1238-40 zone (31.80% Fibonacci retracement).
Currently, based on my chart, maybe selling from 1260-61 zone with a target 1255, 1250 (Mid regression line) is a good idea.
A potential good BUY entry at 1255, 1250, 1240.
Trade active
So far so good, it has reached the 1st target zone 1255, the next potential target is 1250.PS: We have to pay close attention to the possibility of a Government shutdown. It could give a strong catalyst to push XAU beyond 1260 zone or it might make XAU fall deeper to retest the bottom trendline at 1238-40 zone (31.80% Fibonacci retracement).
Trade active
The US government shutdown and it perfectly rejecting 1255, it just needs to breach 1260s zone (Strong resistance) to confirm the continuation of the rally. Trade closed: target reached
1255 was the short term sell target, BUY signal activated at 1255.
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