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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