As I expected in my previous analysis of XAUUSD, price had a rise after touching the daily support level and grew to 1711 and 1717, but it failed to break 1717.50 resistance level and got rejected.
Currently, price has made a lower high and is facing bearish pressure. There is a support level at 1707.65 which has hold the price for now.
We should wait to see if the yellow support level at 1707.65 will be broken or not in 1H time frame, and if price could close a bearish candle below this level to make a lower low, we can expect the downside continuation and a drop to 1695.
Note: the previous analysis is still valid till the price makes its decision. If price could not break the support to be fixed below it, we need to wait for an upside breakout above 1717.50 and candle closure, then we can expect a rise on XAUUSD based on the previous analysis (attached below).
Currently, price has made a lower high and is facing bearish pressure. There is a support level at 1707.65 which has hold the price for now.
We should wait to see if the yellow support level at 1707.65 will be broken or not in 1H time frame, and if price could close a bearish candle below this level to make a lower low, we can expect the downside continuation and a drop to 1695.
Note: the previous analysis is still valid till the price makes its decision. If price could not break the support to be fixed below it, we need to wait for an upside breakout above 1717.50 and candle closure, then we can expect a rise on XAUUSD based on the previous analysis (attached below).
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.