XAUUSD Analysis
Gold has been ranging lately with no clear direction. If price is able to respect the upward trend-line support and retest the 1305 area, price should break up to the next supple zone of 1325. Knowing USDJPY is negatively correlated with Gold, and USDJPY having bearish structure at the moment, we could see Gold break above 1305, especially with a lot of high impacting news this upcoming week, and FOMC interest rate decision should give gold a clear direction. If gold rejects the 1305 resistance area and breaks the trend-line, we could possibly see gold retest the 1285 zone and possibly go down to 1266-1270 demand zone.
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.