As expected, the price has pulled back towards the support level around 2330, which I mentioned in my previous post.
XAUUSD
price has been ranging near the previous day's low, having fallen from its recent highs. The channel border, which acts as upward trendline and a swap zone, is now being tested. This support level previously acted as resistance, holding the price steady for over a week. On the weekly timeframe, the market is currently testing the 50% retracement level of the weekly range. If the market makes to fake breakout of the previous day's low, I think it could potentially move upward towards recent highs. Overall, I anticipate a choppy market ahead, given the upcoming news reports. My target is the resistance zone around 2360
XAUUSD
price has been ranging near the previous day's low, having fallen from its recent highs. The channel border, which acts as upward trendline and a swap zone, is now being tested. This support level previously acted as resistance, holding the price steady for over a week. On the weekly timeframe, the market is currently testing the 50% retracement level of the weekly range. If the market makes to fake breakout of the previous day's low, I think it could potentially move upward towards recent highs. Overall, I anticipate a choppy market ahead, given the upcoming news reports. My target is the resistance zone around 2360