While XAU / USD is traded above the key support levels 1800.00 (ЕМА200 on the daily chart), 1770.00 (ЕМА50 on the weekly chart), its long-term upward dynamics persists, and the current decline can be considered for now as a correction after rising to a new record high at 2075.00.
If the growth resumes, the breakout of the important resistance levels 1842.00 (ЕМА144 on the daily chart) and 1857.00 (ЕМА200 on the 1-hour chart) will be evidence of the return of XAU / USD to the ascending channel on the daily chart and a signal for the resumption of buying with targets at resistance levels 1885.00 (ЕМА200 on the 4-hour chart), 1933.00 (October highs), 1963.00 (November highs), 1976.00 (September highs and the upper line of the rising channel on the daily chart).
In an alternative scenario, the breakdown of the support levels 1800.00, 1770.00 will direct XAU / USD towards support levels 1685.00 (Fibonacci level 61.8% of the correction to the growth wave from November 2015 and the level of 1050.00), 1560.00 (Fibonacci level 50%), 1500.00 (ЕМА200 on weekly chart).
Support levels: 1800.00, 1770.00, 1685.00, 1560.00, 1500.00, 1445.00
Resistance levels: 1842.00, 1857.00, 1885.00, 1933.00, 1963.00, 1976.00, 2010.00, 2075.00
Trading recommendations
Sell Stop 1790.00. Stop-Loss 1830.00. Take-Profit 1770.00, 1685.00, 1560.00, 1500.00
Buy Stop 1830.00. Stop-Loss 1790.00. Take-Profit 1842.00, 1857.00, 1885.00, 1933.00, 1963.00, 1976.00, 2010.00, 2075.00
