XAU/USD Long-Term Trend: Bullish
Key Resistance Levels: 1849.70, 1852.15, 1855.60
Key Support Levels: 1843.80, 1840.35, 1837.90
Gold is trading with a slightly bearish bias at 1,848 level, having formed Doji and shooting start candles right below an immediate resistance area of 1,855. Closing of candles below this level is likely to drive the selling trend until the next support area of 1,843. This level worked as triple top resistance in past, and now it’s likely to extend support to the precious metal gold.
XAU/USD Medium-Term Trend: Bullish
The precious metal gold is likely to close a tweezers bottom pattern on the hourly timeframe, this may offer us a buying trade. Either you can enter a buy position at 1,846 right now or place a buy limit pending at 1,844 level.
Buy Limit Order @ 1,844
TP 1 @1,855
TP 2 @ 1,864
Stop Loss @ 1,838
Trade Safely 🙂