Where will the gold go? Especially for those who like to trade on the XAU/USD pair, I have prepared a brief technical analysis based on the main strong levels and possible movement options.
Designation of the main levels
- Weekly TF: Highlighted in Blue;
- Daily TF: Highlighted in Orange;
- 4-hour TF: Red;
- Schedule for 1 hour: Green.
Why do you need to know the main levels?
Knowing the location of strong levels allows you to adjust the rules of your trading system. Also, you know in advance that the price can be easily corrected, each time reaching important levels.
Main levels on the weekly chart
Weekly levels are marked in Blue.
Main levels on the daily time frame
The main levels on the day are marked in orange.
Main strong levels on the 4-hour timeframe
The levels on the H4 chart are marked in Red.
Strong levels on the hourly timeframe
On the clock, the main levels are marked in green.
What to expect in the coming days?
As we can see from the chart (D1), the price broke through the channel, but sharply returned back. If the price manages to gain a foothold, then there will be at least a test of the weekly level.
From the first time, the price did not reach the 80.9 fibonacci level and it can do it again with a new high update.
If the price does not hold at the level, then there will be a rollback down to the nearest strong levels, which will act as support. There is also a large concentration of strong fibonacci levels 38.2
If you draw a channel of an older period - which was tested upwards, then the price obviously could not resist and fell down.
At the moment, the price is under the upper border of the channel of the senior TF, which indicates a decrease at least to the lower border.
On the H4 chart, the price is in a triangle, the exit will show the nearest price direction!
You can download the template with levels for MT4 link "