In the 4H chart, we noticed price hit a strong support zone at 1.3939 and bounced off it. Price also broke downwards channel which gives us more confirmation of the buy position. Price is heading to another resistance (which is also 38.2 on fib) where some retracement would occur and we could set more buy entries.
XAUUSD gaining bullish candles! From the analysis, price has tested the zone, and is experiencing a strong buy now. Should drop when it hits the strong resistance. Kindly like and drop comments below.
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A parallel downward trend channel as shown above indicates the overall trend direction. A sell is going to work out when we get a suitable entry. Also watch out for the zone! If this helps, kindly like this and drop comments below.
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