GOLD #XAUUSD looks like has found support after falling from 1950 area by establishing bearish divergence.
Why this is a good support?
1. 100DEMA resides at 1818. This EMA has been reactive in the past.
2. 38% Fib of the last swing high resides at 1829
3. Horizontal Support area seems to be an important one.
If bulls manages to take support from here; we will withness gold making new higher high as the trend is bullish
Failure to do so bring gold to next support
Next Support areas;
1) 1730
2) 1616
Comment about your analysis on Gold
Why this is a good support?
1. 100DEMA resides at 1818. This EMA has been reactive in the past.
2. 38% Fib of the last swing high resides at 1829
3. Horizontal Support area seems to be an important one.
If bulls manages to take support from here; we will withness gold making new higher high as the trend is bullish
Failure to do so bring gold to next support
Next Support areas;
1) 1730
2) 1616
Comment about your analysis on Gold
Join Free Telegram Channel
Related publications
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.
Join Free Telegram Channel
Related publications
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.