XAUUSD 4H ANALYSIS
The market closed with gold at 61.80% Fibonacci retracement, positioning it at very strong resistance between 2015-2020.
At this point several things can happen, including:
1. Gold respects the resistance in 2020 and continues its decline, which is really what I project to happen.
2. Gold passes the resistance in 2020 and continues its rise to 2033, where it could break the price and continue rising, or it could fall again.
At this point the market is not very clear, I suggest waiting to see how the price of gold fluctuates next week before placing any trades.
At this point several things can happen, including:
1. Gold respects the resistance in 2020 and continues its decline, which is really what I project to happen.
2. Gold passes the resistance in 2020 and continues its rise to 2033, where it could break the price and continue rising, or it could fall again.
At this point the market is not very clear, I suggest waiting to see how the price of gold fluctuates next week before placing any trades.
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