GOLD NEXT MOVE POSSIBLE
Gold has recovered from the key $3,300 price point and is holding above $3,310, which is also the nearest support. However, the current recovery is not technically enough to create a short-term uptrend, or conditions for a sustained price increase. In terms of position, gold is under pressure with the 21-day EMA as the nearest resistance at around $3,340 – $3,350. If gold falls below the 0.382% Fibonacci retracement level, it will be eligible to open a new downtrend with a target of around $3,246 in the short term, more than the 0.50% Fibonacci retracement level.
On the other hand, RSI is below 50, and the current 50 level acts as momentum resistance in the short term. If RSI slopes down, it will signal bearish momentum with more downside ahead. For gold to qualify for bullish expectations, it needs to at least push price action above EMA21, then retrace back to the price channels and finally break above the 0.236% Fibonacci retracement level to confirm bullish conditions. The upside target could be towards $3,400 in the short term, more like $3,430 – $3,450.
For the day, the technical outlook for gold prices tends to lean more towards the downside, with the following notable points listed.Support: 3,310 – 3,300 – 3,292 USDResistance: 3,340 – 3,350 – 3,371 USD
SELL XAUUSD PRICE 3376 - 3374⚡️↠↠ Stop Loss 3380
→Take Profit 1 3368↨→Take Profit 2 3362
BUY XAUUSD PRICE 3280 - 3282⚡️↠↠ Stop Loss 3276
→Take Profit 1 3288↨→Take Profit 2 3294
⚡️Psychology, discipline and capital management are the three factors that make victory possible.⚡️
