XAUUSD currently in range between $1766 and $1787. Gold has breached the rising trendline support at $1775 on a 4-hour time frame. Bears need a four hourly candlestick close below it. The first support is found at $1768. Failure to defend the support might prompt some technical selling and accelerate the corrective slide towards $1750 and $1730 demand zones.
On the upside, buyers need to move above the resistance at $1775 to resume the uptrend toward $1780 and $1787. The fundamental backdrop suggests that a corrective pullback might still be seen as a buying opportunity. Gold should fund buyers near $1770 - $1765 area.
On the upside, buyers need to move above the resistance at $1775 to resume the uptrend toward $1780 and $1787. The fundamental backdrop suggests that a corrective pullback might still be seen as a buying opportunity. Gold should fund buyers near $1770 - $1765 area.
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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.