XAU/USD Trades Near Confluence Of Resistance

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the XAUUSD. Price has retraced to a confluence of resistance as defined by:

1.The 61.8% Fibonacci retracement from the impulse move that began at point 1.
2.The 76.4% Fibonacci retracement from the impulse move that began at point 2.
3.The price resistance near 1,305 level (red shaded horizontal).

If price reacts off of this level it may be the start of the next impulse leg down. However, for the swing to be meaningful it is important for the RSI(9) to move below the 50 level, which is the bearish side of the indicator.

Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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