XAUUSD Wednesday Trend Analysis
Updated
Gold fell on its first day after the cpi data was released. The current price is 2156. Look at the daily line and 4H line. Gold remains in an uptrend. But there is a downward trend on the 1h line.
1/ Fibonacci first coincides with EMA in the 2165-2169 area. We can try to sell gold.
2/If gold rises and breaks through the 2174 area (the resistance level the day before yesterday), then can we wait/sell gold at 2178-2183
If gold falls directly it could trigger multiple lower resistance levels. The 2131 area is observed as strong resistance and a rebound is likely.
The price space of gold is very wide, and we need to judge the trading area based on the specific trajectory. Rather than trading blindly, I wish everyone smooth trading.
If my analysis can help everyone, please pay attention and join me, I will update my thoughts.
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The current trajectory of gold is consistent with my judgment and has risen to 2166. Next, let’s see if I can continue my trend analysis.
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