XAUUSD tested support, potential to rise further!

19 Apr 2018

XAAUUSD is being held up by a long term and short term ascending support line. It tested its support at 1328 (61.8% Fibonacci extension, 50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially rise to its 1st resistance at 1363 (61.8% Fibonacci extension, horizontal swing high resistance). We have also identified another support at 1342 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support).
RSI (55) shows it being held up by a corresponding ascending support line. Ichimoku cloud is showing signs of bullish pressure, in line with our bullish bias.