XAUUSD : Gold turned down sharply and hung for two days

Gold prices have broken the support level around $2,335, where the rising trendline intersects the 38.2% Fibonacci retracement level of the March-May rally. Combined with higher-than-average trading volume will be a signal for change. Many traders are selling gold and the bearish trend may continue.

In the event that XAU/USD plummets below $2,335, the 50-day SMA at $2,325 will be the bearish guard for the next bearish curve. While breaking this support may be difficult, if successful, there is room for a pullback to $2,265.

Conversely, if gold prices reverse upward, resistance will be at $2,365, followed by $2,377. If the gold price breaks through the resistance level at $2,377, the possibility of a decline will be significantly reduced. This breakout could open the door for further price increases to $2,420.

Trade active:

🔝 XAUUSD BUY Limit 2321 - 2323 🪙🪙🪙

✔️ TP 2330
✔️ TP2 2335

❌ SL 2315

🔝 XAUUSD SELL LIMIT 2331 - 2333 🪙🪙🪙

✔️ TP : 2325
✔️ TP1 : 2320

❌ SL 2340

Comment:

Sell 100 pips

Comment:

Buy limit 50 pips

Comment:

Buy limit 70 pips

Comment:

Buy limit 100 pips