GOLD (XAUUSD): Key Levels to Watch This Week🥇

8 Sep 2022

Here is my fresh structure analysis for Gold.

Resistance 1: falling trend line of a falling parallel channel
Resistance 2: 1726 - 1736 area
Resistance 3: 1758 - 1765 area
Resistance 4: 1801 - 1808 area

Support 1: 1680 - 1689 area

The market is currently testing Resistance 1.
If the price breaks that, gold will immediately face Resistance 2,
so if you want to buy the breakout, you need a daily candle close above these 2 structures first.

Alternatively, if you are bearish biased, consider shorting the resistance of the channel.
Wait for a confirmation to short.

I am currently waiting. It looks like the market participants are looking for this week's fundamentals to start pushing.

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