Gold (XAUUSD) reached our 1875 target within the short-term Channel Up:
The price didn't advance any further as it was rejected exactly on the 1877.50 Resistance (formed of the November 16 High) and is pulling back. In order to extend this bullish sentiment into the medium-term as well, Gold needs to close a 1D candle clearly above the 1877.50 Resistance. In that case the target will the 1935, which will make both a new Higher High on the long-term Channel Up (since the August 09 market bottom) while also reaching the 3.0 Fibonacci extension (such as the last Higher High run on November 16).
Until it closes above 1877.50 though, the price is more likely to make a pull-back first towards at least (even slightly below) the 1D MA50 again in order to attract more buyers and form a new Higher Low on the short-term Channel Up.
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The price didn't advance any further as it was rejected exactly on the 1877.50 Resistance (formed of the November 16 High) and is pulling back. In order to extend this bullish sentiment into the medium-term as well, Gold needs to close a 1D candle clearly above the 1877.50 Resistance. In that case the target will the 1935, which will make both a new Higher High on the long-term Channel Up (since the August 09 market bottom) while also reaching the 3.0 Fibonacci extension (such as the last Higher High run on November 16).
Until it closes above 1877.50 though, the price is more likely to make a pull-back first towards at least (even slightly below) the 1D MA50 again in order to attract more buyers and form a new Higher Low on the short-term Channel Up.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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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.