XAUUSD has broken all 15m 30m 1hr and on 4hr chart it also closed above DC, whenever DC's upper line has been breached on a higher time frame like 1hr or 4hr chart, it represents high chance for further breakout to the upside, be expect a big wave coming ahead. Current breakout is further validated by the breaking of the recent downtrend, altogether technically these signals give me a confirmation of the upcoming leg up towards 1820 levels at least before challenging 1860 which i think will happen sometimes next week. Current 1795-96 is only a temp resistance given recent price action this resistence an be invalidated easily upon the next challenge, the retreat back to 1780 gives a good entry opportunity, any price above 1772 is a fair entry level. Since its in the progress of breaking out consider short term it's still within the downtrend channel, thus any buy will need strict stop loss which I'll set just below recent low @ 1748.Let's see how this play out.
Note
Seeing how trading gradually returning to normal after yesterday's US holiday break, this morning the before-mentioned 1796 level has been tested and pretty sure it's been broken out seeing how the price closed nicely above DC upper channel on 1hr chat, on 4hr chat it looks like to close the same way, the next easy target will be 1820-1824 as indicated by fibo 0.618, personally I do not see psychological resistance @ 1800-1803 being too much of a resistance shall price stays above 1796. Good luck and always splay according to your own trading plan!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.