XAUUSD Holding the Support but still huge Resistance above

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold ( XAUUSD ) is rising on the short-term after the July 01 Low, which was accomplished on a Support Zone holding since December 21 2021. On a 2 month horizon, this can be viewed as a Double Bottom on a Descending Triangle pattern. If last week's low breaks, the Support to be targeted is the 1720.50 September 29 Low.

As you see there are numerous Lower Highs trend-lines involved, the price remains below the 1D MA50 (yellow trend-line) since April 22, so it is best to apply a break-out buy strategy above the 1D MA50 and March LH with a short-term target the 1880 Resistance. Anything in between can only be scalped on the hourly/ minute time-frames.


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