Where the XAU is heading?

Let’s talk about GOLD in simple terms.

A major US data is about to release and everyone is looking forward to see where the XAU will be heading now.

As you can see in the chart above, XAUUSD all-time chart (monthly timeframe on tradingview), shows a divergence in the price pattern, making it more likely to fall from its current price.

$2017.490 being the major resistance for XAU, the prices are to fall to $1999.517, 1988.55 and 1983.20 as target-1, target-2 and target-3 respectively, post-data-release, So personally I believe the prices are going to fall to the abovementioned levels. (check the chart below for these levels)

On the contrary ( because a trader must always be ready for either side of the trade), the price, if breaks $2017.49, will rally to $2025 and $2038.60 respectively.

That’s it. Nothing more fancy or flamboyant about this. Keep it simple :)

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By:-

Raksha K Soni

NiftyAnalysis.in