XAU/USD 'GOLD' Technical Analysis
After hitting the resistance zone of 1960 (Resistance zone 2), created in November, and after making the 3rd touch on the lower trendline of the ascending channel, GOLD started a move to the downside, breaking that same channel and hit 1830 (Support zone 2).
Before entering any positions, you should take this into consideration:
-Price broke below the 20 and 50 EMA's;
-The 20 EMA just crossed the 50 EMA, indicating a possible continuation of this move to the downside;
-Price might want to retest the channel or, at least, the EMA's before continuing this move to the possible target of 1770 (Support zone 1) ;
However,
-RSI is oversold on the 4H chart;
-Price is rejecting the support zone 2;
-Before entering any short position, wait for the abovementioned retest or a consolidation around support zone 2;
-In the case of a consolidation around that level, wait for a break of that support before entering a short position.
Before entering any positions, you should take this into consideration:
-Price broke below the 20 and 50 EMA's;
-The 20 EMA just crossed the 50 EMA, indicating a possible continuation of this move to the downside;
-Price might want to retest the channel or, at least, the EMA's before continuing this move to the possible target of 1770 (Support zone 1) ;
However,
-RSI is oversold on the 4H chart;
-Price is rejecting the support zone 2;
-Before entering any short position, wait for the abovementioned retest or a consolidation around support zone 2;
-In the case of a consolidation around that level, wait for a break of that support before entering a short position.
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