XAUUSD
Price was able to finally break the 1360 level resistance level which stood as a strong unbroken area a few years back.
Breaking the 1360 cause market to rally strongly to reach the 1560 level before retracing back, Currently, the price is trading within a small downtrend channel with upper boundary around the 1480 and the lower boundary around the 1440.
Currently, price is looking for support which can be expected around the 1440 (the lower boundary of the downward channel as well as the 0.38 Retracement of the Fibonacci retracements), Or at the 200 EMA on the daily currently sitting at around 1420 which is also the 0.5 retracement for the Fibonacci retracement. The next level that gold should find support at is expected to be at around 1400 – 1380 which where price is expected to find support off an upward TL.
Pushing to the upside prices target would be as follows:
The upper boundary of the downward channel which sits at 1480.
break of the channel the next target is expected to be the previous high of 1550.