Trade retracement and short waves
XAU/USD could maintain its upward momentum on the last trading day of the year and attract additional buying in 2024. Yesterday, gold closed below ascending regression channel resistance at $2,084. However, buyers may be more cautious, but a slight increase in the RSI and remaining above 60 will still reinforce gold's positive outlook. If resistance at $2,100 is successfully tested, the bullish momentum could extend to an all-time high at $2,144.
Conversely, bears could aim for the July 27 bottom at $2,061, with the next target at $2,050 and the 21-day MA at around $2,035.
Conversely, bears could aim for the July 27 bottom at $2,061, with the next target at $2,050 and the 21-day MA at around $2,035.
Note
BUY XAU 2061 - 2063TP1: 2073
TP2: 2083
SL: 2051
Note
runninf 40 pipsNote
running + 60 pipsNote
running + 80 pipsNote
running + 130 pips
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.