GOLD (#XAUUSD) Encounters Resistance! Will It Hold?🥇
Gold is experiencing a resurgence. The price action is wrestling with the 21-day EMA—a bullish conquest of this level could spell a trend shift.
The Heikin Ashi candles are green, signaling buying pressure, though I’m sure we’re all looking for a stronger confirmation beyond a couple of candles.
Our horizontal supports stand firm, and their significance is not to be underestimated. They have historical precedence in halting bearish advances and could serve as pivotal staging grounds for our long positions.
For a take profit target, without the noise of shorter-term moving averages, we target the recent swing high around 2017.13. A retest and hold above the 21-day EMA could validate this level as an optimal exit point.
I’m anticipating a potential downturn to resume shortly.
Sellers are likely eyeing a pullback to the recent minor bottom at 1992. Beyond that, the next substantial floor is established at 1980.
The Heikin Ashi candles are green, signaling buying pressure, though I’m sure we’re all looking for a stronger confirmation beyond a couple of candles.
Our horizontal supports stand firm, and their significance is not to be underestimated. They have historical precedence in halting bearish advances and could serve as pivotal staging grounds for our long positions.
For a take profit target, without the noise of shorter-term moving averages, we target the recent swing high around 2017.13. A retest and hold above the 21-day EMA could validate this level as an optimal exit point.
I’m anticipating a potential downturn to resume shortly.
Sellers are likely eyeing a pullback to the recent minor bottom at 1992. Beyond that, the next substantial floor is established at 1980.
Sheena Lynne