XAUUSD Reached Support Level at 1927

XAUUSD CHART PRICE – XAUUSD DAILY

Gold has been a roller coaster in the last two weeks of trading, after it was down almost to 1860 levels it bounced up just to fall again, currently it trades for 1939, yesterday there was a testing of that resistance but the breakout was not completed, after reaching the support level it has made small progress but the price is resisting a bit, we have the conditions to believe that gold could still go higher but in a market driven by a lot of fundamentals it is hard to make a prediction just based on technicals, however we will only focus on those technical indicators. The Relative Strength Index is at a 51% which dropped 10% from previous day in one session after a $70 drop, the moving averages are getting further apart from each other and the ichimoku cloud is way below the current price level, the fibonacci retracement helped us find the support level which I believe to be strong, we get clear technical signals that it could continue its uptrend but we need to be careful about the fundamentals as well.

This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.