Best Prices for Short Term Long Position for Gold Spot

29 lug 2022

I personally think the prices given in the chart can be potential points for a retracement.
Here are the reasons:

• The downtrend wave is going for its third motive wave which can continue to the 3 prices given in the chart.
  
• Fibonacci channel and retracement showed that the 3 prices are the primary potential points for a long position.
  
• As you see, the demand zones match Fibonacci numbers.
  

NOTE: It is recommended to exit your trade as soon as the price gives it pullback. Additionally, it is better to check momentum in H1 and M15 timeframes to see if the price is saturated or not.
Although technical analysis gives us perfect positions for getting a profitable long on XAUUSD, fundamentals are a bit unstable (interest rate of USA: 2.5%) and the price may go down more than we have predicted. So, it is crucial to have a reasonable risk-reward ratio (1:3 is recommended) equivalent to your trade volume, leverage, and account.

Now tell me, which price is the best from your perspective?

XAUUSD