XAUUSD broke out of its ascending support line!
Updated
XAUUSD broke out of its long term and short term ascending support line. If it breaks past its support at 1342 (100% Fibonacci extension, 61.8% & 76.4% Fibonacci retracement, horizontal swing low support), it could potentially fall to its next support at 1336 (61.8% Fibonacci retracement, horizontal swing low support). We have also identified another resistance at 1346 (38.2% Fibonacci retracement, horizontal overlap resistance).
RSI (55) shows a breakout of its ascending support. Ichimoku cloud also shows signs of bearish pressure which contributes to our bearish bias.
RSI (55) shows a breakout of its ascending support. Ichimoku cloud also shows signs of bearish pressure which contributes to our bearish bias.
Trade closed: target reached
Nice! Gold continued to move down to our profit target after breaking out of its ascending support line!
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