Gold (XAUUSD) has completed four (4) bullish 1W (weekly) candles in a row since the mid July bottom. This is its longest green weekly streak since December 2021. Having broken last week above the Lower Highs trend-line from the March 08 Top, Gold quickly re-tested its 1D MA50 (green trend-line) as a Support. The overall long-term outlook hasn't changed since our July 08 idea:
The next Resistance to overcome is the 1D MA200 (yellow trend-line) - 1W MA50 (blue trend-line) cluster, which happens to be just above the 0.382 Fibonacci retracement level. We may not get a real move for months, as Gold has previously traded sideways within the 1750 Pivot line and that Resistance cluster, from late June 2021 to early February 2022 and the Ukraine - Russia war that helped it to fundamentally break upwards.
So it is our opinion that unless XAUUSD closes above the 0.5 Fib level, a lot of low risk sideways opportunities exist within roughly 1750 - 1830.
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The next Resistance to overcome is the 1D MA200 (yellow trend-line) - 1W MA50 (blue trend-line) cluster, which happens to be just above the 0.382 Fibonacci retracement level. We may not get a real move for months, as Gold has previously traded sideways within the 1750 Pivot line and that Resistance cluster, from late June 2021 to early February 2022 and the Ukraine - Russia war that helped it to fundamentally break upwards.
So it is our opinion that unless XAUUSD closes above the 0.5 Fib level, a lot of low risk sideways opportunities exist within roughly 1750 - 1830.
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Please like, subscribe and share your ideas and charts with the community!
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.