https://www.becomedaytrader.net[See more NASDAQ, XAUUSD, BTCUSD expert analysis on link below: becomedaytrader.net/blog]
Current resistance 3357 – 3389
Current Support 3259 -3277
The gold price has formed a double bottom at the price of 3277.00, it might create certain barrier for seller and more technical trader are more willing to buy when the price come to 3277. It could also be mean the previous buyer who bought at price 3277 are now earning profit and hold the trade, meanwhile long trade will come in and leading the price towards the upside.
If next week trading hour the price can stand above support level and break through the 200MA level with take US tariff factor into concern. More cash flow will swift to Gold to avoid the volatility of US dollar and result to push gold price further. If the price next week stands above the 200MA, we foreseen the price will retest again on the All-time high price at 3500 and shall see the strength on the buyer side to push further or move to the sideway.
For Swing trader recently can find multiple entry opportunities between 3259 – 3389.
On the Daily timeframe we have seen the previous day candle close with a bullish candle with a wick, it could indicate seller tried hard to push down below the candle earlier but failed to do so. And the candle has telling trader also seem some upside in the future if the trend continue.
[See more NASDAQ, XAUUSD, BTCUSD expert analysis on link below: becomedaytrader.net/blog]
https://www.becomedaytrader.net/blog
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