Forex Trader
al
Trader
John Callen
Hi guys, this is my overview for XAUUSD..
After price started to trades inside rising channel, it at once rose to $2730 level from $2610 level.
Then price broke it and some time traded inside resistance area, where it made a gap and later grew to resistance line.
Next, price turned around and started to decline inside falling channel, exiting from rising channel.
In falling channel, Gold broke $2730 level and some time later reached $2610 level and some time traded near it.
Recently price broke it and fell to support line of channel, but a not long time ago it bounced up.
So, in my mind, Gold can fall to support line again and then bounce up to $2610 resistance level.
After price started to trades inside rising channel, it at once rose to $2730 level from $2610 level.
Then price broke it and some time traded inside resistance area, where it made a gap and later grew to resistance line.
Next, price turned around and started to decline inside falling channel, exiting from rising channel.
In falling channel, Gold broke $2730 level and some time later reached $2610 level and some time traded near it.
Recently price broke it and fell to support line of channel, but a not long time ago it bounced up.
So, in my mind, Gold can fall to support line again and then bounce up to $2610 resistance level.