XAU/USD: Gold/USD is trending up after the sell-off but needs to break and hold above 1855.00
XAU/USD: Gold/USD is trending up after the sell-off but needs to break and hold above 1855.00
I indicated the probability of prices bouncing at 1908.00 and heading up to test previous highs in my last post. However, prices failed, and we saw a sell-off as indicated on the chart below.
Prices now seem to have settled and starting to trend up again. The critical levels to watch are around 1840.00 and 1825.00 support, and resistance at 1855.00. We have seen prices tested 1855.00 a couple of times and failed, so this is a critical level to the upside; it needs to hold above this level to progress further. A drop below 1825.00 could see major moves to the downside.
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