Golden Prospects: Uptrend Signals Strengthen for XAUUSD
Gold recently found support near the 38.2% Fibonacci retracement level, a point where robust demand has emerged. Furthermore, the average-price uptrend trendline has been resoundingly rejected, indicating a promising signal for the continuation of the long-term upward trend.
In the grander scheme, maintaining a daily/weekly closing price above the recent low reinforces the expectation of an upward price movement. Our target is set at the 127.2% Fibonacci resistance area, positioned just beyond the downtrend trendline.
A noteworthy development is that if the price successfully breaches the downtrend trendline, it's likely to trigger stop losses for sellers. This, in turn, can introduce selling liquidity to the XAUUSDT market.
In the grander scheme, maintaining a daily/weekly closing price above the recent low reinforces the expectation of an upward price movement. Our target is set at the 127.2% Fibonacci resistance area, positioned just beyond the downtrend trendline.
A noteworthy development is that if the price successfully breaches the downtrend trendline, it's likely to trigger stop losses for sellers. This, in turn, can introduce selling liquidity to the XAUUSDT market.
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