Good day traders.
Lets look at XAUUSD on the weekly time frame.
Currently it is within a down trend channel which is a retracement within the bigger move from 1159 to the high of 2073.
We can see that support held well at "A" and subsequently at "B" and "C" around the zone of 1680.
At this point we believe that XAUUSD will continue higher towards the top slanting line of the channel at around the 1858 mark which coincides with the 23.6% Fibonacci level.
A break above the slanting line may see price continue higher.
Hope this analysis helps.
Cheers!
Ardy
Founder, ProTradersNetwork
Lets look at XAUUSD on the weekly time frame.
Currently it is within a down trend channel which is a retracement within the bigger move from 1159 to the high of 2073.
We can see that support held well at "A" and subsequently at "B" and "C" around the zone of 1680.
At this point we believe that XAUUSD will continue higher towards the top slanting line of the channel at around the 1858 mark which coincides with the 23.6% Fibonacci level.
A break above the slanting line may see price continue higher.
Hope this analysis helps.
Cheers!
Ardy
Founder, ProTradersNetwork
Founder of www.ProTradersNetwork.com, home of the TMG Titan traders who uses TMG Titans Pro Tools developed by Ardy.
TMG Pro Tools (MT4) includes: TMG Grid Master Pro, Titan Ranger, Grid Calculator, Titan Timer and TMG Livewire Pro
TMG Pro Tools (MT4) includes: TMG Grid Master Pro, Titan Ranger, Grid Calculator, Titan Timer and TMG Livewire Pro