XAUUSD - A Fibonacci Perspective
I was personally hoping for Gold to not break ~1774 (0.236 Fibo Retracement Level) but considering the current circumstances xauusd price is through that point already. Not only it went through our first retracement level but it also retested it during Friday and NFP. Now the weekly candle has closed slightly above this level, therefore, we are expecting it to move ahead to the next stronger level (1830) during the retracement of large trendy move.
Evidence to buy here:
1- Hammer on monthly
2- Fibo 0.236 level broken
3- Stronger level lies ahead at 1830 (0.382)
What will nullify this analysis?
If next weekly candle slices below 1745-50, we shall no longer be buying Gold instead we will be looking forward to 1714-1721 and consequently, back to 1680.
Conclusion:
This analysis is a short term take away for the readers, XAUUSD is far from bullish as we speak. The major trend still remains bearish!!
Evidence to buy here:
1- Hammer on monthly
2- Fibo 0.236 level broken
3- Stronger level lies ahead at 1830 (0.382)
What will nullify this analysis?
If next weekly candle slices below 1745-50, we shall no longer be buying Gold instead we will be looking forward to 1714-1721 and consequently, back to 1680.
Conclusion:
This analysis is a short term take away for the readers, XAUUSD is far from bullish as we speak. The major trend still remains bearish!!
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