XAUUSD: Ascending Trend Line
Updated
As you see in the 4H time frame, price is in the uptrend and is moving on the ascending trend line.
As I expected in my previous analysis, price had a fall and retraced the upside move.
Currently, price has broken the resistance at 1860 and grew to the next resistance at 1880 but got rejected and was pushed to the downside.
The broken level at 1860 has been turned into the support level and it is expected of price to throwback to this level.
If price came down to 1860 and was pushed to the upside, we can expect a rise to 1888 and in the case of an upside breakout on 1888, the next target would be around 1900 - 1906
On the other side, if price came down more than 1860, we can expect a drop to 1850 to retest the trend line.
As I expected in my previous analysis, price had a fall and retraced the upside move.
Currently, price has broken the resistance at 1860 and grew to the next resistance at 1880 but got rejected and was pushed to the downside.
The broken level at 1860 has been turned into the support level and it is expected of price to throwback to this level.
If price came down to 1860 and was pushed to the upside, we can expect a rise to 1888 and in the case of an upside breakout on 1888, the next target would be around 1900 - 1906
On the other side, if price came down more than 1860, we can expect a drop to 1850 to retest the trend line.
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