Gold Spot / U.S. DollarUpdated XAUUSD Potentially Bullish
XAUUSD has remained bullish on the H4 time frame. I would however love to see price coming to retest a key zone around the 2,720 area which was a key resistance area initially. Price has clearly and significantly broken through the resistance and is attempting to find that level as a support. If the zone holds as a new found support, going long will be the next move and I would target the 2,786 area which only falls slightly below the all time high.On the other hand, if the 2,720 area does not hold as a new found support but price breaks through it and does a retest of same area and then it holds as a new found resistance, we just might see price dropping to the 2695 and may drop even further if the bears remain dominant
Until either scenarios play out, fingers crossed. #XAUUSD about to make another significant move
Do your due diligence, past results does not guarantee future results
Trade closed: target reached
Although price did not come back to the 2,720 for the retest, Price came to the profit target of 2,786 and is currently attempting to push lower. I will watch this closely and hopefully, we'd find another entry. Until then, fingers crossed
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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.