Mihai_Iacob

Gold- I'm looking to sell for more than 500 pips drop

FXOPEN:XAUUSD   Золото / Доллар США
Gold has started the year in a very bullish tone, and after an initial drop to 1825 old resistance, confirming it as support, rose again strongly on Friday, just to close the week to the high of the range.
At this moment, the bullish momentum is strong and selling would be very dangerous...
However, looking at the daily posted chart we can see that Gold is trading now in an immense resistance, a level that is dating back to 2021.
First, we see resistance and a value area in this zone in 2021, again level acting at resistance in November 2021.
After the up break in February 2022, this level became support and held the market elevated 3 times in 2022( Confirmed as support after the break and again in twice in March), breaking down again and acting as resistance 3 times in May 2022.
Now the price is again in this zone and, considering that since 1620 Gold has risen 2500 pips without a significant correction, we can expect one.

Although at this moment we don't have signs or reversal and weakness, I will keep a close eye on Gold for one and I will sell it for a drop to 1820 zone.

🚀 Elevate your trades with a 20-year market veteran!

📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals

💎 Crypto Channel:
t.me/FanCryptocurrency

🌟 Premium Contact:
t.me/IacobMihai
Отказ от ответственности

Все виды контента, которые вы можете увидеть на TradingView, не являются финансовыми, инвестиционными, торговыми или любыми другими рекомендациями. Мы не предоставляем советы по покупке и продаже активов. Подробнее — в Условиях использования TradingView.