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Technical Analysis – XAUUSD _ 05-03-2019

HomeTechnical AnalysisTechnical Analysis – XAUUSD _ 05-03-2019
05
Mar
Technical Analysis – XAUUSD _ 05-03-2019

The downside potential remains valid as long as trading remains below 1305 (23.6% Fibonacci level) … The price is heading to its first target at 38.2% around 1275 and the breach may press the gold to move to the next support around 1250-1240
 The price may need to retest 1300-1302 to gather enough bearish momentum due to the oversold signals appearing on the Stochastic and RSI indicators.
A breach of 1305 and stability above might be enough to end the current correction and it is possible that the price will resume its bullish trend to face 1345 again as the first target, which could push the pair to the next resistance at 1365.

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