Market Analysis

Technical Analyses: XAU/USD ready for one more sell-off

XAU/USD continues to trade within the broader downtrend. Sell-off is still widely accepted through the traders’ environment. The decline reached the first support level 1759.00, and the first reaction was significant to watch. Bulls took the price and drove GOLD up to 1812.00 to retest major resistance.

Many important moves were made for Gold making the path for traders that can be of use. The resistance level at 1812 also plays an important role as POINT OF CONTROL level. Bears are active below this level, from their perspective this level is the roof that can be used as the best opinion to have long-term bearish trade. Levels of interest for the bearish scenario should be 1785.00 followed by 1772.00 and 1759.00 at the end.

Levels that bearish traders see as roof, for bulls that is just one more chance to pick up the bottom. Therefore, the story for bulls’ starts once 1812.00 becomes newly found support. Levels to watch for the bullish scenario are as followed: 1825.00, 1838,00.