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Gold was in the correction position recently, but is the precious metal finally ready to resume climbing it soon?
Check these nearby support areas that can attract bulls!
Gold (xau/USD) 4 hours The graph by TradingView
Even with Extraviad global trade tensions after “liberation day” Gold threw a large part of its last safe gains.
After achieving one record after another, the precious metal fell to the long -term trend line that it has held so far this year.
Is this just a retreat from his fixed climb, or is the upward trend about to rotate soon?
Remember that directional biases and fluctuations in the market price are usually driven by the basics. If you do not yet do that your homework gold and US dollarThen it is time to check Economic evaluation And stay in knowledge Daily basic news!
Gold is currently suspended in an interest in RERECting at 61.8 % of Fibonacci, 200 SMA Support, and a previous resistance area in S1 ($ 2,979.74).
Keep your eyes peeling for the opposite of the candles that can indicate the bounce of the support level, and perhaps restoring the precious metal to the high heights near the R1 (3,131.93 dollars) or to high levels of R2 (3,225.97 dollars).
On the other hand, look for potential rolling candles that can suggest a break below the direction line and a potential reverse of climb. If this happens, gold can test the following support zone in S2 (2,921.60 dollars) and then set its scenes on the S3 ($ 2,827.56) near the lower fluctuation.
Just keep in mind that 100 SMA is still higher than 200 SMA to reflect the presence of upward feelings that can keep the upward trend intact, although it has begun to decline under the last, too.
Whatever the bias that end up to circulation, do not forget to train properly Risk Management And stay familiar with First degree incentives It can affect the morale of the comprehensive market!
