FX.co ★ XAU/USD, GOLD

Analysis and forecast for the trading instrument GOLD based on technical analysis Hello everyone! After a quite prolonged rise earlier this week, the trading instrument Gold finally showed a relatively decent decline and even seemed to have broken its uptrend. Of course, globally the trend is still bullish, but in any case, as long as the trading instrument GOLD is below the resistance level at the mark, one can consider selling. Towards the end of this week, the price corrected towards this level, so overall, with the opening of trading next week, one can look for signals for short positions, as entering sales from current levels might be a bit aggressive. As for the stop level, it turns out to be simply wonderful, firstly it is the 161st level from the Fibonacci grid, which I stretched from the first impulse, but it coincides perfectly with a very strong support level at the mark 2220, which adds some confidence to the bearish scenario.