Support/Resistance Lines: Red (Daily), Yellow (4hr), Green (1hr).
XAUUSD has been in an uptrend from as far back as the end of 2016. It has reversed on the 25th January 2018 at 1366, went down to a 4-hourly support at 1308 (forming the 1st peak), has gone back up to form the 2nd peak and declined to the 4-hourly support at 1308 forming a Double Top.
Using the...
Due to the news, we have seen a strong bullish candle which has broken a 1-hourly sup/res line. I expect a retest followed by an engulfing bullish candle on the hourly chart. At this point, I'd expect the market to rise up to the 4-hour resistance line (yellow) making this a potential buy opportunity.
