$XAU: Bearish for Gold Upcoming?

XAUUSD_2022-12-28_08-56-18_eb07a

XAUUSD (fka Gold) has approached the Daily Supply Zone once again after multiple  failed attempts to break. This time might be difference……not in a good way. 

 

Let’s dive in: 

  •  Gold has been on an upswing from the Demand Zone in early November
  • The uptrend has slowed once hitting the Supply Zone nearing the ever popular $1800 price point.
  • Bearish Divergence has entered the picture with RSI downward while price action has shown upward movement.
  • There has not been a massive rejection yet from the Supply Zone.
My thoughts are at the least XAUUSD will be rejected again with a nice leg down from Supply heading to the 200 EMA (blue line), below $1800 and MAY bounce. But with current economic macro conditions uncertain, the bounce is a 50/50 shot. Price point area around $1775 is a decent landing spot where Resistance and Support have interchanged and placed my Take Profit before that to be safe. 

 

Not financial advice. Hotep & Build (Wealth)

 

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