In the markets, gold is traditionally seen as a safe haven asset. This is because it doesn’t experience the same volatility as other assets, and it has been a reliable store of value over the years.
When analyzing gold using technical analysis, you can use indicators like the Relative Strength Index (RSI) to determine whether the market is overbought or oversold. You can also look at price trends to see if there’s any indication that the price is about to change direction. Xauusd Live Chart is available in our Telegram free channel.
If you’re looking to invest in gold, then it’s important to keep an eye on these indicators so that you can make informed decisions about when and how to buy. Please follow the instructions for xauusd tradingview-
This recent data would put pressure on the price of Gold and, as we can see from the chart, the price has rejected the $1810.00 level. On the 4hr chart, the price formed a double top pattern with the neckline support level at $1781.00.
If the price holds below this level of $1781.00 we could expect the market to retest the neckline of the trading pattern and form a lower high before continuing to the downside. Price would also need to get through the trendline support before breaking lower toward the $1725.00 low.
Recommendations: Sell/Sell limit @ 1781 Target/TP: 1725
