XAUUSD

For weeks now we’ve seen Gold sellers push the market bearish to levels that haven’t been reached in months. Today we saw price reach level 1678.13 where it currently holds for support. In this post our analysts take a look at this price action .

Gold Daily Chart 31 March 2021
XAUUSD Daily Chart 31 March 2021

We believe that this months close would prove to be a strong signal for sellers. This only possible if price ends as an engulfing candle on the monthly timeframe. We should expect the gold to break past level 1678.13 and continue plummeting bearish.

If price moves past this level then level 1548.00 will be exposed . Gold sellers could push price to this low or below in the next month. However, we remind you that level 1678.3 is a strong level and it was the previous support for the buyers.

Gold Weekly Chart 31 March 2021
XAUSD H4 chart 21 may 2020

The question is will we see buyers push the market up from this level or will Sellers continue dropping the market

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

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