XAU/USD: gold is in the dead zone

XAU/USD: gold is in the dead zone

Recommendation:

SELL $1,3320 SL $1,3470 TP1 $1,3060 TP2 $1,2920 TP3 $1,2730

SELL $1,3430 SL $1,3580 TP1 $1,3060 TP2 $1,2920 TP3 $1,2730

On the daily chart of XAU/USD, bulls manage to hold off an enemy attack at the $1,306-1,308.50 support. Another test of this area in case of success will increase the possibility of a pullback to $1273 and lower. The condition necessary for the uptrend’s resumption is a convincing break of resistance at $1350 an ounce.

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On H1, much will depend on bulls’ ability to lead the pair outside of descending channel.

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Similar

XAU/USD at the new highs

XAU/USD rose to the highest levels since 2012. The advance has become stretched and the price may try to correct down.

Intraday ideas for XAU/USD

After forming a diamond-like top below 1,700, XAU/USD went consolidating. Pay attention to the support and resistance levels!

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