XAUUSD Between Key Levels
As I expected in my previous analysis, XAUUSD had a great fall and dropped significantly towards the targets.
Currently, price is stuck between the support and resistance zones and is bouncing in that area.
Since it is unclear that price has started a downtrend and this is an exhaustion phase before dropping again or this downside move was a retrace of the last upside move and the main trend is still bullish?
So, we should wait for a strong breakout on any side to see if price is willing to drop or rise. I have marked all the key levels. The red resistance level at 1681 and the yellow support level at 1661 are the important levels for us and we should watch them out.
If price breaks each of these levels strongly (with a tall strong candle) without long shadows, we can expect a big move towards that side with the green marked levels as the targets for each scenario.
Currently, price is stuck between the support and resistance zones and is bouncing in that area.
Since it is unclear that price has started a downtrend and this is an exhaustion phase before dropping again or this downside move was a retrace of the last upside move and the main trend is still bullish?
So, we should wait for a strong breakout on any side to see if price is willing to drop or rise. I have marked all the key levels. The red resistance level at 1681 and the yellow support level at 1661 are the important levels for us and we should watch them out.
If price breaks each of these levels strongly (with a tall strong candle) without long shadows, we can expect a big move towards that side with the green marked levels as the targets for each scenario.
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