GOLD | FOUND SUPPORT?
GOLD #XAUUSD looks like has found support after falling from 1950 area by establishing bearish divergence.
Why this is a good support?
1. 100DEMA resides at 1818. This EMA has been reactive in the past.
2. 38% Fib of the last swing high resides at 1829
3. Horizontal Support area seems to be an important one.
If bulls manages to take support from here; we will withness gold making new higher high as the trend is bullish
Failure to do so bring gold to next support
Next Support areas;
1) 1730
2) 1616
Comment about your analysis on Gold
Why this is a good support?
1. 100DEMA resides at 1818. This EMA has been reactive in the past.
2. 38% Fib of the last swing high resides at 1829
3. Horizontal Support area seems to be an important one.
If bulls manages to take support from here; we will withness gold making new higher high as the trend is bullish
Failure to do so bring gold to next support
Next Support areas;
1) 1730
2) 1616
Comment about your analysis on Gold
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