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XAU/USD Potential Upward Movement

XAU/USD Long-Term Trend: Bullish

Key Resistance Levels: 1830.10, 1844.49, 1845,00.

Key Support Levels: 1806.27, 1764.57, 1764,00.

Daily Chart:

The price on the higher time frame failed to break a strong support level around the 1764.57 USD mark which led to a reversal and a move higher. The market is posting higher highs and lows showing that we are in a clear uptrend.

XAU/USD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price is traded inside a bullish flag formation. A lower correction could be seen to the 50 % Fibonacci retracement level which signals an end of the correction before a new impulsive wave to the upside.

Signal Idea:

Buy Limit Order @ 1806.97

TP 1 @ 1829.55

TP 2 @ 1844.49

Stop Loss @ 1800.82

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

One comment

  1. Sorry
    please, but its the secound position, which was not trigered by my broker(xm) shoul i set better buy stop ? thanks a lot for answearing😇

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