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Mahtab_Tradia
Feb 23, 2022 5:37 AM

XAUUSD Retest or Breakout? 

Gold/U.S. DollarFXCM

Description

After a significant growth, price has started to do some rest and it seems like it is making a reversal pattern.

There is a support zone around 1891 which has pushed the price to the upside in the past.

If price breaks the yellow support zone and closes a bearish candle below this level, I expect a drop to 1877 which was a resistance level before and now has turned into a support level. In the case of a downside breakout on 1877, the next target would be around 1850

On the other side, if price retests 1877 and got rejected from it, we can expect the drop as a downside retrace and then a beginning of a rise towards the last high around 1913
Comments
ProjectSyndicate
upvoted to support you
Mahtab_Tradia
@ProjectSyndicate Appreciate it
Solldy
Great setup!
Mahtab_Tradia
@Solldy Thank you
ali_fex
yes
Mahtab_Tradia
@ali_fex 👍🏻👍🏻👍🏻
jojofang0901
hard to say, when the uncertainly in the world, GOLD may rise
majexx
Why do you think if price got rejected from 1877 to the upside we can expect a downside retrace?
Tradersweekly
I think gold is headed higher.
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