GOLD Shortterm Technical Overview
Gold prices have reached the minor resistance. Price is stuck in a narrow trading range 1206- 1215.
As seen on the chart, XAUUSD broke the midterm fractal channel. However, we have seen this false breakout before.
If the price breaks above 1216, Gold is likely to test the resistance at 1218.
Above 1218, we have 1222, 1227 and 1234 levels to be tested.
If the price breaks below 1212, 1204 and 1198 will be the next targets.
To enter the long trade, we need to see the H1 closings above 1216 and to enter a short trade we need to see H1 closing below 1212.
Rules To Keep In Your Mind: Trade Safe. Money Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
XAUUSD Gold: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility