XAU/USD GOLD Prediction
Dear traders ,
From a technical standpoint , my chart consists of a pitchfork which can only be seen in full in a daily or weekly timeframe but for now for positional and day trading I am using 4H chart. Gold closed at 1812.25 today. It STRONGLY REJECTED 1829 ( 0.786 Fibonacci ) levels. It lost to 200MA as well. Its next landing spot would be 1801, though 1804 seems to be the magic number in the confluence detector. Starting from 17 June it slowly moved to an upward channel in the beginning of July and broke that too but now seems to be going back into the previous channel in the 1800 area. RSI has bearish divergence , a KEY INDICATOR that the moves will be bearish. MACD has also crossed from the top in the positive area.
TRADE IDEA : entry 1808 , TP 1 1801 , TP 2 1790
Fundamental Analysis : The US economy is recovering , yields are rising , dollar is rising. Inflation is still there , Delta variant still present , yet fundamentally speaking , Gold is always going up looking back its past data. Anything otherwise is a correction.
From a technical standpoint , my chart consists of a pitchfork which can only be seen in full in a daily or weekly timeframe but for now for positional and day trading I am using 4H chart. Gold closed at 1812.25 today. It STRONGLY REJECTED 1829 ( 0.786 Fibonacci ) levels. It lost to 200MA as well. Its next landing spot would be 1801, though 1804 seems to be the magic number in the confluence detector. Starting from 17 June it slowly moved to an upward channel in the beginning of July and broke that too but now seems to be going back into the previous channel in the 1800 area. RSI has bearish divergence , a KEY INDICATOR that the moves will be bearish. MACD has also crossed from the top in the positive area.
TRADE IDEA : entry 1808 , TP 1 1801 , TP 2 1790
Fundamental Analysis : The US economy is recovering , yields are rising , dollar is rising. Inflation is still there , Delta variant still present , yet fundamentally speaking , Gold is always going up looking back its past data. Anything otherwise is a correction.
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