#OPINIONLEADER# #XAU/USD# #trading# #technicalanalysis# #GOLDTODAY#
The price of #XAU/USD# has been rising since it hits the monthly support at 1750. Price went into a range on the 4hr between 1813 resistance level and 1794 support level. The range formed was a show of strength between the buyers and the sellers, as the strength of buyers fade out the sellers.
Sellers got exhausted as the resistance level at 1813 couldn't send price back to the previous low at 1755, giving buyers the opportunity send price higher.
Buyers took out the sellers at 1780 area and maintained their territory above 1780. Price rallied from 1794 anytime sellers send price back from 1813 supply zone, creating a big range on the 4hr.
Gold price broke out of the range as the US market opens today, with high volume, as the resistance level at 1813 got broken. #XAU/USD# made a new high of 1829, it's highest price in 3 weeks.
The next resistance level is at 1860 as price prepares to continue to rally to May's high, 1910. Gold price is currently trading above the 200-MA on the 4hr chart for the first time since early June.
If you are looking to get on the new trend, wait for a pullback on the the lower timeframe with a stop below 1805 -1800 area.
Here is my last article on #gold# before the range developed.
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