08/11/2020 XAU short-term long
Russia's vaccine news erased huge gains in the gold market today.
it was panic sell, but momentum is still bullish. We may see magnificent volatility in the gold market in coming days.
Expected XAU to retrace back to 1910 level and retest,
The short-term bottom was established based on the below reasoning.
**200 Moving average acted as resistance in 4 hr chart
**50 EMA acted as resistance in daily [Meta chart]
Short-term profit target :
Conservative target : 38% fib level
Aggressive target : 50% fib level
it was panic sell, but momentum is still bullish. We may see magnificent volatility in the gold market in coming days.
Expected XAU to retrace back to 1910 level and retest,
The short-term bottom was established based on the below reasoning.
**200 Moving average acted as resistance in 4 hr chart
**50 EMA acted as resistance in daily [Meta chart]
Short-term profit target :
Conservative target : 38% fib level
Aggressive target : 50% fib level
Trade closed: target reached
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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.