- USD weak - suggest XAUUSD HIGH
- expecting small pullback then upside to $1350-$1360
- if we break successfully $1355 the strong resistance level - then we expect further upside movement!
Based on the recent price structure, gold might be able to test recent yearly high at 1348 or get to a new yearly high at 1360. Take a look at the 1-hour chart. Gold corrected from 1348 to test price support at 1328. But support at 1327 could not hold, and then gold dropped to 1320. At 1320, buyers bought on dip and pushed gold up again to 1327 which was support...
Part of my ongoing analysis of Gold movements (see links below).
After a meteoric rise we might have a correction under way.
Current support zone is crucial in determining trend strength.
Break of this support is likely, so preparing for zones below.
1329-1330 is current support would be nice to hold.
1314-1315 is likely retrace zone which should hold.