XAUUSD Daily Chart

XAUUSD - Daily Chart

1. Retest the key support zone
2. 38.20% Fib retracement

The price broke the key resistance around 1300 and headed up sharply.

Now we wait the price pullback and look for the buy set up in lower timeframe.

Comment:

XAUUSD - 4-Hour Chart

The price is making a correction structure to previous low.

Now we look for the price rejection around 1299-1300 for
a buy opportunity.

Comment:

The price is looking for retesting the descending trendline to create new higher low of downtrend.

We can sell with the rejection price action at that level.