XAUUSD: One high possible way to go

FX:XAUUSD   Gold Spot / U.S. Dollar
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Gold only finished a single hammer ( sign of stop dropping) on last Friday. That give us a reason to watch if price of GOLD would push up to hit the blue zone before making a new lower low.

Actually on 4H chart, GOLD has a sign of bull by breaking an descending trendline line. As long as the blue channel is still valid, we are only looking for a small correction so far, not 1400, not 1600 , which are possible for a monthly swing trade.

Less is more!
Comment: 1261 is the lowest position for last week which is important as our trading hint this week. Weekly chart is not ready to show us a reversal sign.

Now on daily chart, price already start its small wave up.
We assume that 1282 is the resistance zone for the first wave and waiting for a weekly chart chance to short or long later.

Free channel:

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We have a purely bullish perspective on Gold worth checking out:

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