XAUUSD Daily Analysis July 12th, 2020
Gold Long idea
Overall gold is very bullish and has reached a very important level this past week, 1800.00
We can clearly see that gold is due for a pullback to form structure, however, recent momentum could continue to push price action higher.
At the max I could see gold reaching 1825.00 then retracing to form structure at the 38.2% or 61.8% fib level
Once structure forms and presents a strong trade opportunity look to target significant resistance levels like 1825.00 & 1850.00
Overall gold is very bullish and has reached a very important level this past week, 1800.00
We can clearly see that gold is due for a pullback to form structure, however, recent momentum could continue to push price action higher.
At the max I could see gold reaching 1825.00 then retracing to form structure at the 38.2% or 61.8% fib level
Once structure forms and presents a strong trade opportunity look to target significant resistance levels like 1825.00 & 1850.00