In our previous post(XAUUSD Resist At 2020 Higher High).We noted the probabilities of a bearish movement.Only if sellers managed to break past level 1673.26 .However, the Gold had chose to stick to its old plans. Yesterday’s daily close surely proved it.If we take a look at the chart below we see that price respected level 1673.26 multiple times.The gold finds support at the level before soaring bullish. So what now ?
The highlighted areas on the H4 chart represent key levels. Price has been ranging in between level 1745.58 and level 1738.08 for weeks now. However, our analysts at FXSits believe that a breakout out in either direction is imminent. Firstly, if price manages to break past the previous lower high(level 1745.58) we could have a bullish move. Secondly, if price breaks past the previous higher low(level 1673.26) we could see a bearish movement.
On may 22nd in this post Could The XAUUSD Reach Record High? We noted the possibilities of gold price trading towards its all time high set in 2011. Now the question our analysts pose to smart traders is whether today’s price action is the beginning of that historic move. Now, because the gold finds support at a key level. Let us expect a really volatile move.Stay tuned for more entries Smart traders.
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