XAUUSD / GOLD : Ready to BUY SIGNAL
OANDA:XAUUSD
In the last session on Friday, we saw a massive Sell Off in Gold due to the NFP number over the estimates.
But the price failed to breakout the IMPORTANT LEVEL 1760, and closed above it. THIS IS A VERY IMPORTANT SIGNAL !
In the graph you can see that in this level we got a lot of Support for GOLD:
1)We got the previous Lower Bottom of July (and at the moment we are forming a Double Bottom )
2)We got the Trending Line from the past Lower Low that the price had already touched and reversed twice
3)We also have another big Resistance at 1750
4)The RSI it's already in OVERSOLD condition, like in April when we had a huge reversel till 1920
5)As you can see in the graphic below , of US10Y ( the Yield of the 10Years Bond USA) that has an inverse correlation with Gold , We are in a Bearish Trending channel and we are near 2 important Resistences , 1 of the trending Line and the 2nd of the past July High, that formed a Double Top .
Also we are in Huge OVERBOUGHT condition so a retracement it's very likely
CONCLUSION
I think that next week we could see a retracement at least to the past Finobacci Level 0.23 , at 1788
Then we will see how the price will react to that level, but I won't be surprised if it also touched the 1800
This is only an idea , This is not a Signal of Trading but a personal view-
In the last session on Friday, we saw a massive Sell Off in Gold due to the NFP number over the estimates.
But the price failed to breakout the IMPORTANT LEVEL 1760, and closed above it. THIS IS A VERY IMPORTANT SIGNAL !
In the graph you can see that in this level we got a lot of Support for GOLD:
1)We got the previous Lower Bottom of July (and at the moment we are forming a Double Bottom )
2)We got the Trending Line from the past Lower Low that the price had already touched and reversed twice
3)We also have another big Resistance at 1750
4)The RSI it's already in OVERSOLD condition, like in April when we had a huge reversel till 1920
5)As you can see in the graphic below , of US10Y ( the Yield of the 10Years Bond USA) that has an inverse correlation with Gold , We are in a Bearish Trending channel and we are near 2 important Resistences , 1 of the trending Line and the 2nd of the past July High, that formed a Double Top .
Also we are in Huge OVERBOUGHT condition so a retracement it's very likely
CONCLUSION
I think that next week we could see a retracement at least to the past Finobacci Level 0.23 , at 1788
Then we will see how the price will react to that level, but I won't be surprised if it also touched the 1800
This is only an idea , This is not a Signal of Trading but a personal view-
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