On the 10th of November we sent out an analysis concerning the Gold price action. In that post we highlighted the possible levels we could trade the gold to. Since the time of that post up until now we haven’t seen any strong bullish movement from the gold.
Rather we if you take a look at the chart you will notice how price has been ranging in between level 1849.78 and level 1885.46 .Price has failed to break past level 1849.78 on four different occasions on the daily chart. Thus, with that said price currently trades at level 1880.15 .There are possibilities that price could soar bullishly eventually. Is an entry at this level a bargain entry?
We believe that if price closes above level 1885.46 and finds support at this level. We could see the gold price action gain bullish momentum. Therefore, as said in the previous post (https://fxsits.com/the-xauusd-price-dramatically-falls-short/) we could see price reach the targeted levels. Possibilities still stands that the higher high could be tested again.
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.