XAUUSD
, 1 day
long
#Technical
#Bullish
Resistance 1 | 1884 |
---|---|
Quote Price | 1977 |
Support 1 | 1925 |
On the daily chart, we can see that Gold has reached a key resistance around the 1985 level. A break above this level would open the door for a rally into the highs. We can expect the sellers to step in here with a defined risk above the resistance to target the lows again. This incredibly strong rally is also overstretched now as depicted by the distance from the blue 8 moving average. In such instances, we can generally see a pullback into the moving average or some consolidation before the next move.
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