. There is still a possibility of temporary retracement to suggested resistance line (1731.0). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. XAUUSD is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic...
Gold against dollar recovered from the lows month of April. The Journey towards 1800 is on . and the chances looks bright in this month of May.
In the monthly chart ,it breaks the long term resistance of 1675 and spikes up.. but this week it expected to do small retest on 1657 and go higher..
thats a historical chart, which shows gold will be @ $5000+ till 2025 ... if any thingcan be concluded from the fractal going from 2005-2011 ...we r exactly at the same place or we may see gold touching 1800-1900 in short run then consolidate to 1300-1450 zone & then again make a ride towards new life time highin end 2021 -begining 2022 & keep on increasing till...
All levels on the chart.
1. Range breaking out after 6 years is significant.
2. Even if the price comes down, there would very difficult for it go below this range due to heavy accumulation over this period.
1642 is a good support for Gold too, use it as stop for long positions
and if broken, shorts can be initiated for an immediate target of 1631 followed by 1619.
1650 can be used as stop.
1642's rupee equivalent would be 42300-350 level.
Fresh longs only when (and if) 1650 is exceeded decisively.
Gold Gave a beautiful bull Pennant breakout a few days back and Currently in the consolidation mode. Theoretically, it should repeat the similar move(which it gave from 1275-1425) after this consolidation which will probably lead it toward 1520-1550 range.