31 May

Fibonacci Retracements Analysis 31.05.2021 (GOLD, USDCHF)

May 31, 2021

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after breaking 50.0% fibo, the uptrend is approaching 61.8% fibo at 1922.50. At the same time, there is a divergence on MACD, which may hint at a possible descending correction. After finishing it, XAUUSD may start another wave to the upside to reach 76.0% fibo at 1979.00. The key support remains the low at 1676.78.

GOLD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, after breaking the consolidation range and the previous high, the asset reached the post-correctional extension area between 138.2% and 161.8% fibo at 1904.35 and 1913.10 respectively. However, this movement was followed by a divergence on MACD and a new decline towards 23.6% fibo. At the moment, the price is growing to reach the high at 1912.73, a rebound from which may lead to another correctional; decline towards 38.2%, 50.0%, and 61.8% fibo at 1873.00, 1860.77, and 1848.38 respectively.

GOLD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

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USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, after falling and reaching 76.0% fibo, USDCHF has rebounded from it to start a new correctional uptrend. The possible upside targets are 23.6%, 38.2%, 50.0%, and 61.8% fibo at 0.9058, 0.9139, 0.9202, and 0.9267 respectively. If the asset breaks the support at 0.8930, the instrument may continue falling towards the fractal low at 0.8758.

USDCHF_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows that a new rising wave after a convergence on MACD, which is heading towards 23.6% fibo at 0.9058.

USDCHF_H1

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.


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