Get started
Technician

#Gold at Potential Reversal Zone #forex

Gold Spot / U.S. Dollar (FX:XAUUSD)  
Technician  
FX:XAUUSD   Gold Spot / U.S. Dollar
67
14
Gold started a bullish wave recently. Establishing higher lows structure. However it is facing a key potential resistance area:
  • The completion of ABCD Strcuture at the 1.27 extension level
  • A horizontal resistance(previous swing high) at 1170.00
  • The 200-days SMA is few bucks above at 1176.00

So what's possible?
  • The PRZ among 1170-1176 could provide short term short positions with targets at 1157 and 1138
  • A breakout above 1176 with daily closing would suggest further upside with first target at 1205 . Second target at 1224.

My Best Regards
Technician
Subscribe to my trading portal thefxchannel.com
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.