XAU/USD 26/07: Strategy for the new day

XAUUSD XAU/USD briefly surpassed the 38.2% Fibonacci retracement level of its recovery, measured between $1,902.62 and $1,987.40 at $1,954.88, but remains below the retracement level. 23.6% retracement at $1,967.37, immediate resistance.

The daily chart shows that Gold is currently hovering around a bullish 100 Simple Moving Average (SMA), which maintains its bullish slope. The 20 SMA also points north, much lower than current levels, while technical indicators head north in positive levels, hinting at another leg north without confirming it.

Trade closed: target reached:

BUY XAUUSD 1962 => 1972. +100pip. Lovely Trader

Comment:

Great strategy, right? I will try harder