As you see in the 4H chart, XAUUSD was moving in an ascending parallel channel and after rising to 1807 which was the highest price for it in the past few days, price could not grow more and failed to reach the the channel’s upper band in its last upside move and dropped sharply.
Currently, we can see the downside pressure on price and it is trying to break the channel’s lower band.
There is a support level around 1783 which has pushed the price for several times in the past but it doesn’t seem to be strong.
If price breaks the red support zone around 1783 and closes a bearish candle below this level, I expect more drop on XAUUSD towards the next support area which would be around 1772-1769
Currently, we can see the downside pressure on price and it is trying to break the channel’s lower band.
There is a support level around 1783 which has pushed the price for several times in the past but it doesn’t seem to be strong.
If price breaks the red support zone around 1783 and closes a bearish candle below this level, I expect more drop on XAUUSD towards the next support area which would be around 1772-1769
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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.