XAUUSDOn the hourly, it seems like its testing the support line on the chart of 1559. If this breaks to the downside.. it will result in the next area of value, which is around 1551. But, if it bounces back up and breaks 1563, it should be able to climb to the next possible area of value of 1568 or even 1570s region. Now, the question is how do you enter the trade, if you're keen on going in on Gold. My suggestion will be to trade the breakouts of the current channel for day traders (like me). For longer term trading, should be still based on my previous published chart on the Daily timeframe of hitting the 50% Fibs level.
Thanks, and trade smart friends!
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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.