We can see a perfect Fibonacci retracement playing out, that is if the 22/08 daily candlestick closes above the 38.2% level.
If this goes through, we can expect gold to test 1807.92 level, and if it manages to break it, we can open a long position with TP at 1886.
Purely technical, Jackson Hole today will significantly affect prices, trade safely!
This is my own analysis, please do share your insights, as I would love to hear them.
If this goes through, we can expect gold to test 1807.92 level, and if it manages to break it, we can open a long position with TP at 1886.
Purely technical, Jackson Hole today will significantly affect prices, trade safely!
This is my own analysis, please do share your insights, as I would love to hear them.
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XAUUSD tested the 23.6% ratio, however bounced back and the 22/08 candlestick closed above it, as anticipated. If 23/08 candle is bullish, and or tests 23.6% ratio and fails to close under it again, we can expect a correction. I will open a buy position tomorrow if the days ends as planned.
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Looks like XAUUSD is closing above the 38.2% level, however, this has been strongly influence by the Jackson Hole symposium.
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Gold is standing strong against the dollar so far as anticipated. Let's see how Jerome Powell's speech for the Fed affects the market tomorrow.
Will update tomorrow