XAUUSD could potentially break out of its descending resistance!
XAUUSD is being squeezed by its descending resistance line and its major support at 1306 (L T 100% Fibonacci extension, L T 50% Fibonacci retracement, 61.8% Fibonacci extension, multiple horizontal swing low) If price breaks out of its descending line, we could see it rise to its 1st resistance at 1330 (61.8% Fibonacci extension, horizontal swing high resistance) and possibly to its 2nd resistance at 1339 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) shows a lot of corresponding upside potential. A bullish divergence and ascending line has also been identified, indicating the possibility of a bullish breakout.
Stochastic (89, 5, 3) shows a lot of corresponding upside potential. A bullish divergence and ascending line has also been identified, indicating the possibility of a bullish breakout.
Trade closed: target reached
yay! XAUUSD broke out of its descending resistance and reached the 1st resistance!
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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.