XAUUSD H1

Gold has finally touched 1921 which is also the daily resistance with the same idea that was posted earlier for the daily chart analysis. Reversal should be coming soon although the current momentum looks bullish. If this resistance is holding strongly, then breakout of the ascending channel support of 1897 would signal that the downtrend is imminent. On the flip side if the bullish momentum continues to build up and the higher resistance would be around 1933/37.

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So far so good as per the path illustrated. The gold new low today is seen in 1904. However, the breakout of the ascending has yet to happen and once that happens and we could expect the price to visit lower support 1897/94 as the first target, and below that 1874/71

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1897 hit. The price has to break this support in order to go lower.

ST_Gold_FX

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