XAUUSD

The XAUUSD has shown bearish price action for sometime now. Price currently trades at level 1809.90 .This is close to the support level set at 1793.79 .The question we ask now is whether price will find support at this level or will it break past it.

XAUUSD H4 chart 8 February 2021
XAUUSD H4 chart 8 February 2021

Looking at the chart we believe that if price moves past the resistance. This could prove that the XAUUSD price action will trade bearish. The chart history shows the how many times price found support at this level .Thus proving to be a very crucial level for the pair .

You may notice how price found support at level 1793.79 on 5 different occasions including last week Fridays’ close . We think that a bullish close today on the daily chart could signal positive price action for bulls to buy the market . We could possibly see price soar bullish after that. possibly past level 1830.87 and to level 1873.61

XAUUSD Daily chart 8 February 2021
XAUUSD Daily chart 8 February 2021

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

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