Johnny GOLD Forex 👷♂️⛏🏆
💎⛏ There is a pattern distortion here in the region of 1647 I will try a sell with a 30 pips risk target.
✅ + 30 pips - 1644.60 🎯 (Closed - Last posted)
👷♂️⛏ 💎 Johnny Gold : https://www.mql5.com/en/market/product/77383
🚀🚀🚀Next update, Johnny Gold will have the updated value, enjoy!!!
💥💥💥 Extreme Price Action Dash : https://www.mql5.com/en/market/product/67876
🚀🚀🚀Next update, Johnny Gold will have the updated value, enjoy!!!
💥💥💥 Extreme Price Action Dash : https://www.mql5.com/en/market/product/67876
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Gold: bllish bias intact, 1,755 as key support
The price of gold is trading in the red at 1,760 at the time of writing. After its strong rally, a temporary retreat could be natural. Still, a downside movement needs strong confirmation as the bias remains bullish.
As you already know, XAU/USD rallied after the US reported lower inflation. Fundamentally, the UK data came in mixed today. Surprisingly or not, the yellow metal slips lower even if the US Prelim UoM Consumer Sentiment came in at 54.7 points versus 59.5 points expected. As I've said earlier, XAU/USD could be overbought, that's why it has retreated a little.
XAU/USD Exhausted Buyers!
Technically, the yellow metal is trapped between 1,755 and 1,766. The bias is bullish so that the current range could represent an upside continuation pattern. Escaping from this range could bring us new trading opportunities.
The price of gold is trading in the red at 1,760 at the time of writing. After its strong rally, a temporary retreat could be natural. Still, a downside movement needs strong confirmation as the bias remains bullish.
As you already know, XAU/USD rallied after the US reported lower inflation. Fundamentally, the UK data came in mixed today. Surprisingly or not, the yellow metal slips lower even if the US Prelim UoM Consumer Sentiment came in at 54.7 points versus 59.5 points expected. As I've said earlier, XAU/USD could be overbought, that's why it has retreated a little.
XAU/USD Exhausted Buyers!
Technically, the yellow metal is trapped between 1,755 and 1,766. The bias is bullish so that the current range could represent an upside continuation pattern. Escaping from this range could bring us new trading opportunities.
The weekly R3 (1,767) and the warning line (wl1) represent upside obstacles. After testing and retesting 1,755, the price action signaled upside pressure.
XAU/USD Forecast!
A valid breakout through 1,766 activates further growth and brings new longs, while registering only false breakouts followed by a valid breakdown below 1,755 brings new selling opportunities.
XAU/USD Forecast!
A valid breakout through 1,766 activates further growth and brings new longs, while registering only false breakouts followed by a valid breakdown below 1,755 brings new selling opportunities.
Gold is trading around $1,776. Short-term trend remains bullish with no sign of a reversal yet. Price continues making higher highs and higher lows. In the near term Gold price is at overbought conditions and a pull back is justified. Short-term support by the blue upward sloping trend line is found at $1,770. A break below $1,770 will give us the first short-term reversal signal. If this happens, Gold price will be vulnerable to a decline towards $1,720 at least. The GOLD INDEX has started providing some bearish divergence signals, implying that the upward momentum is weakening, at least for the near term.
https://www.fx.co/en/analysis/301281
https://www.fx.co/en/analysis/301281
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