The price line on XAUUSD has been moving within a bearish channel. The current position of the price line on this pair is now approaching an important support level. The red zone below the price line is reflecting the important support zone which was mentioned before. Ichimiku Cloud is being tested and in case the price line breaks above that, the momentum would be with bulls. Traders can be waiting for the price line to have another retest of the support level and then they can enter long positions heading to the next resistance levels above the price line.
• The first major resistance level is at $1717.000 which has already been able to dump the price line several past. Other resistance levels are located at 179.000 and 1830.000.
• There is support at 1618.000, below, there is 1599.79 and 1590.124
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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