XAUUSD 1H - Levels

Right traders, as we suggested yesterday we were looking for the price to come down today. It looks like it has found support around the 1821 level which was our first region on the idea published on the group. There is a lot going on on this hourly chart so lets try to make sense of whats going on. We can see what could be identified as an ascending wedge pattern, within that pattern some might interpret a bull flag! We would rely more on the wedge than the flag which is only small at the moment.

We've highlighted the chart with arrows what we feel could be the potential course of movement in the coming sessions. It shows we still have room to go higher and yet still have time to go lower. We would suggest to keep an eye on the wedge and trend for a break. Immediate support is the 1821 level and resistance is 1827-29 for tomorrow. Volume will be back in the markets from tomorrow so expect there to be movement, especially during the US session.

Breaking either way will lead to the highlighted price regions.

As always, trade safe.