XAUUSD Gold : New week, huge expectations! 25.4Wow! Week opened below 1935 support trend-line which was ongoing since the start of the year!
Obviously, this followed with a continuation down to 1915 horizontal support.
*A close below a 4+ month support trend-line usually dictates a 'retest' - That's when the price goes back to the broken trend-line and 'touches' the trend-line which was broken.
*A drop below 1915 with a 4h candle close would allow for 1890 as the next target of the breakout down.
On a bigger perspective - the weekly, big picture trend is still up.
Fundamentals are very strong for Gold due to war, pandemic, inflation and overall significant uncertainty.
Connecting lows since 2018 show an ascending trend-line with consistent higher lows through the years.
This trend-line currently stands at around 1840, meaning this could be the target of the current ongoing movement - Although multiple strong horizontal supports could reverse the market back up way before 1840, which with reversal could mean the continuation of the weekly up-trend :D
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