XAU/USD Long-Term Trend: Bullish
Key Resistance Levels: 1783.816, 1806.206, 1831.395.
Key Support Levels: 1755.573, 1722.670, 1678.032.
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
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.
Buy Limit Order @ 1756.663
TP 1 @ 1783.558
TP 2 @ 1806.206
Stop Loss @ 1746.425
Trade Safely 🙂