XAUUSD (Gold) Intra Day/Week Outlook
DAILY: On the daily, Gold is still moving on a steady bullish up trend. Creating Higher Highs and Higher Lows.
H4: Market seems to be respecting the Higher time frame trendline, rejecting of the trendline again just yesterday. Confluence would be that price rejection was also at a Fibonacci retracement level (61.8%) & that area is a RBR Demand Zone.
Conclusion: With Gold acting as a safe haven in times of economical distress, it would not a surprise to see Gold forming newer highs in the near future. Technicals all line up beautifully and trade has a good RR.
Trader's Arena FX.
H4: Market seems to be respecting the Higher time frame trendline, rejecting of the trendline again just yesterday. Confluence would be that price rejection was also at a Fibonacci retracement level (61.8%) & that area is a RBR Demand Zone.
Conclusion: With Gold acting as a safe haven in times of economical distress, it would not a surprise to see Gold forming newer highs in the near future. Technicals all line up beautifully and trade has a good RR.
Trader's Arena FX.
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