Good evening traders,
As you can see we have currently broke above a very strong key level that was previously acting as resistance, which is now turning support. We also have a nice bull flag formation forming on the 4 hour chart while price is trading well above the 50 level on the RSI.
I will be monitoring and waiting, for proper execution on the 1 hour time frame, for price to make it's retracement down to the 50% fib level and waiting for it to show it can hold strong above the previous resistance level.
If we can hold strong at the retest, I will be taking a long position with target price of 1830 in the immediate short term.
I hope you find this analysis significant. Thanks for reading. Don't forget to like and comment and also share what your thoughts are on XAUUSD and what you think will happen in the near future.
Happy Trading!
As you can see we have currently broke above a very strong key level that was previously acting as resistance, which is now turning support. We also have a nice bull flag formation forming on the 4 hour chart while price is trading well above the 50 level on the RSI.
I will be monitoring and waiting, for proper execution on the 1 hour time frame, for price to make it's retracement down to the 50% fib level and waiting for it to show it can hold strong above the previous resistance level.
If we can hold strong at the retest, I will be taking a long position with target price of 1830 in the immediate short term.
I hope you find this analysis significant. Thanks for reading. Don't forget to like and comment and also share what your thoughts are on XAUUSD and what you think will happen in the near future.
Happy Trading!