XAUUSD testing a 1week Support. Be prepared for both directions.
XAUUSD - GOLD hit 1817.50 today, testing the Support of February 17th. As long as it holds, it is a Double Bottom pattern that aims that the 4hour MA50 (1835).
Over 1848.50 well target 1870 under Fibonacci 0.786. This scenario of a bullish breakout isn't unrealistic at all as while Gold has been on a Falling Support, the 4hour RSI still is on a Rising Support (Bullish Divergence).
Under the Double Bottom we target 1817.50 and then on the next rebound the target's 1790.
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Over 1848.50 well target 1870 under Fibonacci 0.786. This scenario of a bullish breakout isn't unrealistic at all as while Gold has been on a Falling Support, the 4hour RSI still is on a Rising Support (Bullish Divergence).
Under the Double Bottom we target 1817.50 and then on the next rebound the target's 1790.
Follow us, like the idea and leave a comment below!!
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