The market is showing a strong upward trend, as indicated by the yellow trendline.
Fibonacci Retracement Levels:
38.2% Fibonacci Level: 3,344.79
50% Fibonacci Level: 3,344.47
61.8% Fibonacci Level: 3,347.91
Resistance Zone: The price is approaching a strong resistance level at 3,370 USD.
Technical Observations:
Gold is currently moving upward but is encountering resistance at 3,361. The price tested the 61.8% Fibonacci level and is now facing some resistance.
The Fibonacci levels suggest that if the price breaks above 3,362, the next target could be 3,370 USD.
Support Zone: If the price retraces, support may emerge near the 3,340 region.
Gold XAU/USD Trading Strategy:
Bullish Scenario:
If the price breaks above resistance at 3,362, the next target would be the 3,370 level. This could be a signal to enter Long positions near the 3,344 to 3,348 range, with a target around 3,370.
Bearish Scenario:
A retracement to the support level at 3,340 is possible. If the price drops below 3,340, further downside could be expected. In this case, a Short position could be considered if the price falls below 3,340, with a target near 3,330.
With the current upward trend, gold XAU/USD may continue to rise if it breaks the 3,362 resistance level, with the next target being 3,370 USD. However, if the price turns lower and drops below the 3,340 support level, the market may continue to decline.
Note: Be sure to monitor the Fibonacci levels and price behavior closely to adjust your trading strategy accordingly for today. If this analysis was helpful, don't forget to save it and follow for more trading strategies!
Fibonacci Retracement Levels:
38.2% Fibonacci Level: 3,344.79
50% Fibonacci Level: 3,344.47
61.8% Fibonacci Level: 3,347.91
Resistance Zone: The price is approaching a strong resistance level at 3,370 USD.
Technical Observations:
Gold is currently moving upward but is encountering resistance at 3,361. The price tested the 61.8% Fibonacci level and is now facing some resistance.
The Fibonacci levels suggest that if the price breaks above 3,362, the next target could be 3,370 USD.
Support Zone: If the price retraces, support may emerge near the 3,340 region.
Gold XAU/USD Trading Strategy:
Bullish Scenario:
If the price breaks above resistance at 3,362, the next target would be the 3,370 level. This could be a signal to enter Long positions near the 3,344 to 3,348 range, with a target around 3,370.
Bearish Scenario:
A retracement to the support level at 3,340 is possible. If the price drops below 3,340, further downside could be expected. In this case, a Short position could be considered if the price falls below 3,340, with a target near 3,330.
With the current upward trend, gold XAU/USD may continue to rise if it breaks the 3,362 resistance level, with the next target being 3,370 USD. However, if the price turns lower and drops below the 3,340 support level, the market may continue to decline.
Note: Be sure to monitor the Fibonacci levels and price behavior closely to adjust your trading strategy accordingly for today. If this analysis was helpful, don't forget to save it and follow for more trading strategies!
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🪙 JOIN OUR FREE TELEGRAM GROUP 🪙
t.me/dnaprofits
Join the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
t.me/dnaprofits
Join the community group to get support and share knowledge!
️🥇 Exchange and learn market knowledge
️🥇 Support free trading signals
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.