Confident_FX

XAU/USD channel breakout

OANDA:XAUUSD   Gold Spot / U.S. Dollar
XAU/USD recently broke out from the multi-monthly well respected descending channel and very important horizontal resistance too! I will be looking for a possible pull-back to the broken resistance trendline at 1902 where there is a confluence of 50% of the fibonacci retracement , horizontal resistance and well respected support trendline, with target at the -27.20% level of the fibonacci taken on the retracement, wich also corresponds to a quite strong previous resistance zone .