The negative dynamics of XAU/USD prevails, and the breakdown of the day before yesterday's local low (since May 2020) of 1614.77 will signal an increase in short positions on the pair. Gold is losing its role as a protective asset to the dollar, and the XAU/USD pair, the week before last, broke through the key and long-term support level of 1690.00 (200 EMA on the weekly chart), jeopardizing the entire long-term bullish trend.
Alternatively, the upward correction will last until the resistance level of 1713.00 (50 EMA on the daily chart).
There is already a preliminary signal for this ascent: the price has broken through the first important short-term resistance level of 1657.00 (200 EMA on the 1-hour chart). Now the nearest growth targets are the resistance levels of 1690.00, 1695.00 (200 EMA on the 4-hour chart).
Support levels: 1657.00, 1614.00, 1600.00, 1560.00
Resistance levels: 1682.00, 1690.00, 1695.00, 1713.00, 1759.00, 1775.00, 1789.00
Trading Tips
SellStop 1653.00. Stop-Loss 1676.00. Take-Profit1614.00, 1600.00, 1560.00
Buy Stop 1676.00. Stop-Loss 1653.00. Take-Profit 1682.00, 1690.00, 1695.00, 1713.00, 1759.00, 1775.00, 1789.00
