What Fibonacci Tells Us About GOLD (XAUUSD)

Hey guys,

While the geopolitical sentiment calms down,
Gold remains locally weak and indecisive.
The market was trading within a quite narrow trading range this week.

While we are waiting for some new fundamental triggers,
I decided to analyze Gold chart with Fibonacci.
My goal was to spot confluence zones in order to get from where we can look for trading opportunities next week.

No surprise,
the first confluence zone based on 382 / 50 retracement levels was perfectly respected by the market
and from there we saw a nice pullback.

the second zone to watch is lower.
1870 - 1880 will be the next area to watch for buying opportunities.

the third zone to watch is 1815 - 1830 area.

Once the price reaches one of these zones wait for confirmation first.
Only then we can buy.

Good luck next week, traders!

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تعليق:

Check my new idea on US30: