Gold – XAU/USD Long-Term Trend: Bullish
Key Resistance Levels: 1848.50, 1849.90, 1852.15
Key Support Levels: 1844.00, 1842.60, 1840.35
Gold is trading bullish at 1,863 area, having entered into the overbought zone. The precious metal is now looking to break lower in order to complete Fibonacci retracement. On the daily timeframe, the violation of 1,863 support level can extend selling trend until the target level of 1,852 and 1,841 level.
XAU/USD Medium-Term Trend: Neutral
On the hourly timeframe, the yellow metal gold has violated an upward channel that’s suggesting strong odds of selling. Let’s take a sell trade around 1,862 level to target 1,855 and 1,851 level today.
Sell Order @ 1,862
TP 1 @ 1,855
TP 2 @ 1,851
Stop Loss @ 1,865
Trade Safely 🙂