If you are tracking XAUUSD this week, considerthis technical perpsective.
On the daily time frame, price action is sideways within the falling channel (blue) seen on the weekly time frame. Notice that price action is trading below a rising trendline (red) traceable to May 2019 to respect a recent outer rising trendline (magenta). A break-down of the outer trendline ( magenta) will likely result in a southward momentum which may target the 1438 horizontal support zone. Should the trendlne hold, we may see bulls take price action towards the channel resistance trendline or the 1534 horizontal resistance zone.
On the H4 time frame, a bullish pin bar and a hammer were printed in the last two sessions on Friday. Technically, this will likely see bulls take price action further northwards. However, the 1508/1518 zone (bound by green horizontal lines) is a horizontal resistance zone and may hinder a northward momentum.
I may be wrong. Trade safe and prosper.
KP
On the daily time frame, price action is sideways within the falling channel (blue) seen on the weekly time frame. Notice that price action is trading below a rising trendline (red) traceable to May 2019 to respect a recent outer rising trendline (magenta). A break-down of the outer trendline ( magenta) will likely result in a southward momentum which may target the 1438 horizontal support zone. Should the trendlne hold, we may see bulls take price action towards the channel resistance trendline or the 1534 horizontal resistance zone.
On the H4 time frame, a bullish pin bar and a hammer were printed in the last two sessions on Friday. Technically, this will likely see bulls take price action further northwards. However, the 1508/1518 zone (bound by green horizontal lines) is a horizontal resistance zone and may hinder a northward momentum.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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