XAUUSD Weekly analysis

We bounced at the 0.618 Fib level which also coincided with the weekly trendline which we extended last week.

We have circled our area of interest with a possible level of 1760-65 and a lower level 1682 as the range. Breaking one of these levels should determine whether Gold will continue its bullish or bearish run.
There are a lot of barriers in the way upwards, one mainly being that 1800 psychological level.

As we mentioned last week, we’re monitoring what is potentially the 3 black crows candle pattern. Although these patterns are most relevant at the top of trends it still signifies bearish pressure on Gold.

Support:

1720
1692
1640-45

Resistance:

1742-45
1760-66
1795-1800