XAUUSD: Broke the downtrend but on fundamental factors.

The long term bearish trend on 1W broke last week to neutral grounds (RSI = 47.647, MACD = -20.230, Highs/Lows = 12.0065) as the global stock markets pulled back and capital abandoned riskier assets towards Gold's safety. Technically 1D is a Channel Up (RSI = 65.112, MACD = 5.900, Highs/Lows = 22.9186, B/BP = 34.8019) but we can't assume yet that this uptrend is technically sustainable until we see both stocks and XAUUSD rising at the same time. At the moment the Dollar Index is on the 50% Fibonacci on 4H indicating that it is still on an uptrend, so most likely Gold's legitimate value is much lower. A middle solution is treating the current price as a Higher Low on the 1D Channel Up and a 0.382 Fibonacci retracement on 1W (as seen on the chart) and aim towards 1,203.20, 1,194.95.

InvestingScope

I trade Crypto, Forex, Indices & Commodities all from one account on PrimeXBT with TradingView charts

Register here👉 investingscope.s.gy/PrimeXBT

Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope

Również na:

Wyłączenie odpowiedzialności

Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.

InvestingScope

Również na: