Term Trend Short (STTL) Strong Bearish Mid (MTTL) Broken Mid Bullish Long(LTTL) Broken Mid Bullish
o XAUUSD_H4 broke above the Strong Bearish-LTTL1, at 1612.56, 55 candles ago. This is a bullish sign. This broken down trendline may now provide downside support. Volume on the candle of the breakout was quite light (30% below average). The most reliable breakouts are accompanied by increased volume.
o XAUUSD_H4 broke above the Mid Bullish-LTTL2, at 1716.25, 5 candles ago. This is a Bearish sign. This broken down trendline may now provide upside resistance. Volume on the candle of the breakout was quite light (60% below average). The most reliable breakouts are accompanied by increased volume.
• Note: after breakout volume
o XAUUSD_H4 broke below the Mid Bullish-MTTL at 1725.38,16 candles ago. This is a bearish sign. This up trendline may now provide upside resistance. Volume on the candle of the breakout was quite light (30% below average)
o The most recently confirmed down trendline in short Term for XAUUSD_H4 is Strong Bearish-STTL. A break above this trendline (particularly on heavy volume) would be a bullish sign.
• Supports and Resistance Supports Resistances Price Power Price Power 1684.63 Mid 1701.09 Very Weak/A 1666.38 Weak/B 1753.31 Weak/A 1643.54 Weak/A 1781.20 Mid 1618.39 Mid 1812.01 Weak/B 1586.42 Mid 1857.13 Weak/A
o XAUUSD_H4 broke above the upside Mid resistance level of 1618.39 51 Candles ago. This is a bullish sign. This previous resistance level of 1618.39 may now provide downside support. Volume on the day of the breakout was quite light--50% below average.
o The most recently confirmed downside Mid support level for XAUUSD_H4 is around 1684.63. Expect prices to have some difficulty falling below this level. A break below this level (particularly on heavy volume) would be a bearish sign. If you decide to trade XAUUSD_H4, This price is important.
o Although prices around 1666.38 and 1643.54 are weak as a supportive power, they are important for someone who decides to trade.
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