• XAU/USD retested 1,641 before resuming its higher high. It was almost to R1 (1,674), which represents an upside obstacle. It could now test and retest the 1,659 - 1,654 support area.
• The weekly pivot point of 1,657 is also a downside barrier. Gold could resume its upward trend as long as it remains above these levels.
➥ CONCLUSION: Testing and retesting the support area, registering only false breakdowns could signal the start of a new bullish trend. A new higher high, a valid breakout above 1,680, will also bring great long opportunities.
Good Luck Traders!
• The weekly pivot point of 1,657 is also a downside barrier. Gold could resume its upward trend as long as it remains above these levels.
➥ CONCLUSION: Testing and retesting the support area, registering only false breakdowns could signal the start of a new bullish trend. A new higher high, a valid breakout above 1,680, will also bring great long opportunities.
Good Luck Traders!