XAUUSD GOLD MOVEMENT
Breaking down through an area of consolidation after a long time building up orders in the area, Potential retest of the bottom region of the area which could lead to a potential short position down to the target areas of 1770 to 1775
Support and Resistance , A way to draw a horizontal line !
Support, S and Resistance, R
1. Definition
1.1. Support is a zone where price moves up.
1.2. Resistance is a zone where price moves down.
- Support and Resistance can interchange when that zone is overcome by price
2. Support and Resistance levels
2.1. Horizontal line
2.2. Trendline
2.3. Moving averages
2.4. A Fibonancci level that you often use (Fibo 61.8)
2.5. A ratio of pattern AB=CD , or a Fibo derived from Harmonic pattern
….
Support and Resistance level are mostly depending on the trading skills and experiences of individuals
You and me would discuss a way to draw a horizontal line
Midterm forecast:
While the price is above the support 1762. 05 , resumption of uptrend is expected.
We make sure when the resistance at 1875.15 breaks.
If the support at 1762. 05 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI downtrend 1 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 1855.50 on 02/10/2021, so more losses minimum to Major Support (1762. 05 ) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 37.
If you find this helpful and want more FREE forecasts in TradingView
- Please show your support back,
- Hit the LIKE button,
- Drop some feedback below in the comment!
Your Support is very much appreciated!
Want us to help you become a better Forex trader?
Breaking down through an area of consolidation after a long time building up orders in the area, Potential retest of the bottom region of the area which could lead to a potential short position down to the target areas of 1770 to 1775
Support and Resistance , A way to draw a horizontal line !
Support, S and Resistance, R
1. Definition
1.1. Support is a zone where price moves up.
1.2. Resistance is a zone where price moves down.
- Support and Resistance can interchange when that zone is overcome by price
2. Support and Resistance levels
2.1. Horizontal line
2.2. Trendline
2.3. Moving averages
2.4. A Fibonancci level that you often use (Fibo 61.8)
2.5. A ratio of pattern AB=CD , or a Fibo derived from Harmonic pattern
….
Support and Resistance level are mostly depending on the trading skills and experiences of individuals
You and me would discuss a way to draw a horizontal line
Midterm forecast:
While the price is above the support 1762. 05 , resumption of uptrend is expected.
We make sure when the resistance at 1875.15 breaks.
If the support at 1762. 05 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI downtrend 1 is not broken, bearish wave in price would continue.
A peak is formed in daily chart at 1855.50 on 02/10/2021, so more losses minimum to Major Support (1762. 05 ) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 37.
If you find this helpful and want more FREE forecasts in TradingView
- Please show your support back,
- Hit the LIKE button,
- Drop some feedback below in the comment!
Your Support is very much appreciated!
Want us to help you become a better Forex trader?