Gold's medium term scoop - A Failed breakout and bear resumption
Hi! Here are my thoughts for gold XAUUSD .
- Gold is bullish since November 18th, 2018. Afterwards a solid pullback with a 38.2% rotation on the weekly and monthly chart. In fact, there was a failed breakout of the 1300.000 psychological level which was not more than a test of the downward trend on the daily chart since the high price 1348.000. Thus a lower high was formed at 1311.000.
Analysis :
- The resistance zone @1300.000 - 1305.000 appeared to be a high pressuring area for sellers.
- Prices are likely to dip back at the support levels of the weekly and monthly chart (38.2% retracement of the Fibonacci levels).
- The mid-term target is around 1275.000.
- The volume decreased of 50%, showing a temporary interest loss.
Feel free to comment or give ideas.
Succesful trading!
- Gold is bullish since November 18th, 2018. Afterwards a solid pullback with a 38.2% rotation on the weekly and monthly chart. In fact, there was a failed breakout of the 1300.000 psychological level which was not more than a test of the downward trend on the daily chart since the high price 1348.000. Thus a lower high was formed at 1311.000.
Analysis :
- The resistance zone @1300.000 - 1305.000 appeared to be a high pressuring area for sellers.
- Prices are likely to dip back at the support levels of the weekly and monthly chart (38.2% retracement of the Fibonacci levels).
- The mid-term target is around 1275.000.
- The volume decreased of 50%, showing a temporary interest loss.
Feel free to comment or give ideas.
Succesful trading!