XAUUSD retracing to gain momentum for rally
On 26 April 
XAUUSD crossed the 2000 phycological resistance zone but soon retraced back down to the 1986 area where it retested back to the phycological resistance zone. XAUUSD entered the 2000 - 2003 swing zone on 27 April and rejected back down.
The rejection should not be that big as momentum is lacking. Look for support at 1996 and respectively 1986.
Alternatively ifXAUUSD breaks the 2000 phycological zone we can expect an uptrend. Resistance would be at 2007
Looking at our fundamental analysis the banking woes resurfaced, investors would be looking atXAUUSD as the safe having indicating the price could rise in the near future.
XAUUSD crossed the 2000 phycological resistance zone but soon retraced back down to the 1986 area where it retested back to the phycological resistance zone. XAUUSD entered the 2000 - 2003 swing zone on 27 April and rejected back down. The rejection should not be that big as momentum is lacking. Look for support at 1996 and respectively 1986.
Alternatively if
XAUUSD breaks the 2000 phycological zone we can expect an uptrend. Resistance would be at 2007 Looking at our fundamental analysis the banking woes resurfaced, investors would be looking at
XAUUSD as the safe having indicating the price could rise in the near future.
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