Gold (XAUUSD) Commodity 02/07/2021Technical Analysis :
As you can see, Gold has moved in the ascending channel. After finishing its Bearish Divergence moving, We believe that XAUUSD is accumulating and consolidating on the 61.8% Fibonacci level and get ready to shoot for the defined targets and the targets are defined with Fibonacci projection of the impulsive waves.
Fibonaccigoldenzone
NDX: 1M Timeframe OverviewLooks like the previous ATH might become the next major floor if we continue to go lower.
Nice confluence with the 200 period EMA. Additional confluence is provided by the Fibonacci golden region between the 0.618 & 0.650 levels.
$5,000 seems to be the ballpark price target for the bears based on this chart.
Let me know your thoughts below :)