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XAU/USD Potential Upward Movement

XAU/USD Long-Term Trend: Bullish

Key Resistance Levels: 1783.816, 1806.206, 1831.395.

Key Support Levels: 1755.573, 1722.670, 1678.032.

Daily Chart:

The price on the higher time frame managed to break the descending channel to the upside with the help of an engulfing bullish pattern. Now, it is above the 1755.573 USD mark where a correction is about to end before a new bullish impulsive wave toward the 1783.816 USD mark.

XAU/USD Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the asset broke the descending wedge formation to the upside where big bodied bullish bars are seen. In addition, the trendline is broken to the upside and now we are above the daily resistance level which is the 1746.425 USD. A lower correction is about to finish before the continuation of the upside movement.

Signal Idea:

Buy Limit Order @ 1756.663

TP 1 @ 1783.558

TP 2 @ 1806.206

Stop Loss @ 1746.425

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.

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