From a technical perspective, the formation of an ascending channel points to a well-established short-term uptrend and favors bullish traders. Moreover, positive oscillators on the daily chart suggest that any intraday slide is likely to be bought into and remain limited near the $3,345 area, or the lower boundary of the trend-channel. A convincing break below the latter would negate any near-term positive outlook and make the Gold price vulnerable to extend this week's retracement slide from a nearly two-month high.
On the flip side, the $3,400 mark now seems to have emerged as an immediate strong barrier, above which the XAU/USD pair could climb to the $3,434-3,435 region. Some follow-through buying, leading to a subsequent strength beyond the $3,451-3,452 area, or a nearly two-month top touched on Monday, should allow the Gold price to challenge the all-time peak, around the $3,500 psychological mark. The said handle coincides with the ascending channel barrier, which if cleared will be seen as a fresh trigger for bulls.
Xauusd sell signal 3370
Support 3355
Support 3320
Support 3307
Resistance 3400
Resistance 3424
On the flip side, the $3,400 mark now seems to have emerged as an immediate strong barrier, above which the XAU/USD pair could climb to the $3,434-3,435 region. Some follow-through buying, leading to a subsequent strength beyond the $3,451-3,452 area, or a nearly two-month top touched on Monday, should allow the Gold price to challenge the all-time peak, around the $3,500 psychological mark. The said handle coincides with the ascending channel barrier, which if cleared will be seen as a fresh trigger for bulls.
Xauusd sell signal 3370
Support 3355
Support 3320
Support 3307
Resistance 3400
Resistance 3424
Trade active
Xauusd 1 support hit 150 pips done 👍Trade closed: target reached
Xauusd sell 250 pips running Note
Xauusd sell signal Note
Xauusd sell 300 pips running 
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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.