XAUUSD to Rise to the TRENDLINE or DECLINE to 1800
FX:XAUUSD Gold Spot / U.S. Dollar
There is a probability that XAUUSD is going to hit the trendline is been creating making of a big triangle since 2th NOV 2020 i project it could hit the 1855 before declining back to 1800 in respect the maintaining the Triangle. Tho there are two projections but currently the probability of hitting the 1855 is higher since it didn't break the long support from FEB 15th 2021.
After a tarnished start to the week, gold made impressive gains, breaking above a key resistance area on Wednesday and reaching its highest level in nearly two months, near $1,850, on Thursday. FXStreet’s Eren Sengezer notes that the yellow metal retains a bullish bias and could target the $1,870 zone. $1,830 aligns as first support “Static resistance seems to have formed at $1,850. In case XAU/USD rises above that level and starts using it as support, it could target the $1,870 area. Ideally, this move would be accompanied by another leg lower in the 10-year US T-bond yield on a dovish Fed tone.” “On the flip side, $1,830 (Fibonacci 23.6% retracement of the uptrend that started in October and ended in mid-November) aligns as first support. A daily close below that level could open the door for an extended correction toward $1,815 (Fibonacci 38.2% retracement).” “Unless the yellow metal falls below the $1,805/$1,800 area, where the ascending trend line meets the 200-day SMA, the near-term outlook is likely to remain bullish.”