Gold is Currently in a Phase of Fluctuating Downward Movement
Hello everyone! Today i want to share some macro analysis with you!
1
Due to the intraday oversold conditions, gold is likely to attempt an upward correction during the early U.S. trading session, with targets in the 4140–4145 range. It has currently reached a high of around 4141.8. $Gold - main 2612(GCmain)$$XAU/USD(XAUUSD.FOREX)$
However, since the overall bearish trend has not yet reversed and the U.S. Dollar Index (DXY) remains at its intraday high of 101.73, gold is likely to fail to sustain its rebound at this resistance zone. It will then test the lows again and is likely to break below 4,106, moving directly toward the 4,100 psychological level or even the historical support level at 4,055.
2
Gold is currently in a phase of fluctuating downward movement following a period of consolidation at high levels. The core trading range is currently 4100–4140! Lower boundary of the range (strong support): 4100–4105!
Asian Session Strategy: Buy: 4105–08 TP: near 4130, SL: 4095
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