• July 11, 2024
  • Trade ideas

XAUUSD: Critical Resistance



On the H4, after a prolonged sideways move, XAUUSD reached the 61.8 Fibonacci resistance area in a short-term bullish trend. Despite the short-term rise, the %R indicates overbought, so it is crucial to consider two possible scenarios ahead of the US CPI.

  • If Gold overcomes the 2388 resistance and rises above the nearest fractal, the target for 2315;
  • However, in case of a bounce and a trendline breakdown, XAUUSD will fall to 2350, corresponding to 38.2 Fibonacci;

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Egor Schmidt