Long term Bullish 2200$ but with correction downside 1825$.
The gold price has developed a minor exhaustion pattern, but the bulls are still in charge and they could push the price higher anytime. Gold was paused by a dynamic resistance, now is pressuring this obstacle again, a valid breakout will validate further growth.
XAU/USD is trading currently 1900$, The outlook is bullish, But strong correction required downside before the yellow metal could approach the $2,300 psychological level if the USD continues dropping and if the COVID-19 crisis gets worse.
GOLD was overbought condition last 3 months and expecting before USA election stay 2013 and 2011 Year resistance 1825$ and 1936$ ( Old Resistance become support level) Next few months USA Election and uncertainty in the market COVID-19 could give re-buying opportunities gold toward going new all-time higher high 2200$ and 2500$
🛑SUPPORT/RESISTANCE
✅S1= 1920$
✅S2=1825$
✴️R1=2075$
✴️R2=2150$
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XAU/USD is trading currently 1900$, The outlook is bullish, But strong correction required downside before the yellow metal could approach the $2,300 psychological level if the USD continues dropping and if the COVID-19 crisis gets worse.
GOLD was overbought condition last 3 months and expecting before USA election stay 2013 and 2011 Year resistance 1825$ and 1936$ ( Old Resistance become support level) Next few months USA Election and uncertainty in the market COVID-19 could give re-buying opportunities gold toward going new all-time higher high 2200$ and 2500$
🛑SUPPORT/RESISTANCE
✅S1= 1920$
✅S2=1825$
✴️R1=2075$
✴️R2=2150$
Please like, share, comment and follow me to get daily base analysis.
Thank you for your support, I appreciate it.