Short Term XAU Trading Strategy
Gold stays strong with the principle uptrend withinside the quick, medium and lengthy time period. After receiving help from the principle confluence referred to with the aid of using readers withinside the preceding problem on the 0.618% Fibonacci extension, EMA21 and the decrease fringe of the rate channel, the rate has expanded to attain the restoration goal degree. The preliminary rate factor is $2,500.
Looking ahead, if gold can damage above the bottom rate of $2,500 and surpass the 0.786% Fibonacci extension, the rate will qualify for the weekly upside goal of $2,531 withinside the quick time period and then $2,544.
For the day, the bullish outlook for gold stays unchanged at a wonderful degree and could be indexed for readers as follows. Support: 2,484-2,471 USD Resistance: 2,500 - 2,503 - 2,531 USD
Looking ahead, if gold can damage above the bottom rate of $2,500 and surpass the 0.786% Fibonacci extension, the rate will qualify for the weekly upside goal of $2,531 withinside the quick time period and then $2,544.
For the day, the bullish outlook for gold stays unchanged at a wonderful degree and could be indexed for readers as follows. Support: 2,484-2,471 USD Resistance: 2,500 - 2,503 - 2,531 USD
Note
SELL XAU 2514
TP1: 2507
SL: 2520
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