XAUUSD New Key Levels

Last week, XAUUSD continued to drop and after breaking the support level at 1661, fell to 1640 as we expected.

Currently, there is a struggle between buyers and sellers. On the other hand, price has made a minor higher low which indicates it might break the resistance and make a higher higher either.

I have marked two key levels for XAUUSD which are important to watch. Since we don’t want to predict anything, we need to wait for a breakout on the resistance or support level first.

If price breaks the resistance level at 1666 strongly, we can expect a rise to 1682 and in the case of an upside breakout on 1682, the next target would be around 1708 which is a supply zone.

On the other side, if price breaks the yellow support level at 1643 strongly, we expect a drop to 1622 which is the next support level.

Personally, I am on the bullish side for XAUUSD this week. What is your outlook on this asset?
Feel free to share your ideas in the comments.