XAUUSD H4: Bullish outlook seen, limited upside above 1675.50

On the H4 time frame, prices broke above the descending trend line and a throwback to the support zone at 1675.50, in line with the 38.2% Fibonacci retracement could present an opportunity to play the bounce to the next resistance zone at 1727.50. The 1727.50 resistance zone is a graphical support-turned-resistance zone which also coincides with the 61.8% Fibonacci retracement. Prices are holding above the Ichimoku cloud as well, supporting the bullish bias.