XAUUSD - Daily

Here we want to see a retest of the lower level around 1770, rejection here and gold will confirm a double bottom. We’ll look to buy around these levels and target 1808-15 initially.
What concerns us on this chart is that there is a pattern that wasn’t retested and the target is around 1587. We’re not saying its going there, however, technically the right gets tested most of the time on lower timeframes. This would really flush and frustrate buyers out of the market before gold resumes its bullish moves.

This is just an idea, not a prediction, not a signal. We’re just sharing what we see. We’ll trade the levels as we usually do, day-to-day. The targets can only get clearer with time, so we’re monitoring everything very closely.

Support:

1770
1765
1750
1736
1720-1710

Resistance:

1785
1804
1816
1832
1853

As always, trade safe. Your likes are very much appreciated.