XAUUSD broke out of its ascending support line!

XAUUSD broke out of its long term and short term ascending support line. If it breaks past its support at 1342 (100% Fibonacci extension, 61.8% & 76.4% Fibonacci retracement, horizontal swing low support), it could potentially fall to its next support at 1336 (61.8% Fibonacci retracement, horizontal swing low support). We have also identified another resistance at 1346 (38.2% Fibonacci retracement, horizontal overlap resistance).
RSI (55) shows a breakout of its ascending support. Ichimoku cloud also shows signs of bearish pressure which contributes to our bearish bias.

Trade closed: target reached:

Nice! Gold continued to move down to our profit target after breaking out of its ascending support line!