XAUUSD Daily Analysis

Played out just as we thought last week. Again, you can see on this chart the price is within a range we consolidated in Apr-Jun 2020. Key level here is that 1748-50 level where we would expect a reaction.

FOMC on Wednesday so unless they price it in first half of the week we’d expect accumulation until we make the move.

We’re still bearish on the daily, we’ll take small long trades to capture any retracement but overall we’re looking for our lower level of 1640 with the first target being 1657.

Support:

1720
1703
1693
1671-65

Resistance:

1730
1748
1770-77