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Gold – XAU/USD Upward Channel Breakout

Gold – XAU/USD Long-Term Trend: Bullish

Key Resistance Levels: 1885.35, 1892.65, 1897.50

Key Support Levels: 1873.20, 1868.35, 1861.05

Daily Chart:

Gold is trading at 1,877 level, and it has closed a Doji pattern followed by a sharp bullish trend. This demonstrates that buyers are exhausted, and now sellers are likely to take the lead. On the lower side, the pair may find support at 1,872 and 1,870. The leading indicators like RSI and MACD are supporting a selling bias in gold.

Gold – XAU/USD Medium-Term Trend: Bearish

1-hour Chart:

On the hourly timeframe, gold has violated upward trendline support around 1,880, and below this, the precious metal may face intense selling pressure. Gold is likely to drop until 1,870 targets.

Signal Idea:

Sell Order @ 1,876.78

TP 1 @ 1,872

TP 2 @ 1,870

Stop Loss @ 1,881

Trade Safely 🙂

About Ali B.

Live Webinar Speaker & Derivatives (Forex, Commodities, and Indices) Analyst with the broad range of skills for evaluating financial data. Expert in investment trends, technical analysis, fundamental analysis, market sentiments, and trading psychology.

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