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XAUUSD Eyes $1,960 Following Breakout

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Last week, I discussed how XAUUSD (gold) tested the top of a long-standing descending channel.

In many ways, this pattern hinted at a bull flag starting from the 2018 lows.

That’s when XAUUSD started its parabolic move from $1,160 to $2,075.

With gold now firmly above the $1,850 area, it seems buyers are willing to push the envelope.

The next key resistance from here is $1,960.

That area rejected gold twice, once in November of last year and again this past January.

As for more immediate levels, a daily close above $1,870 should flip the area to support.

Keep an eye on $1,910 on the way up as well.

It’s the location of a gap from January and served as support in August and September of last year.

I’ll remain bullish on XAUUSD as long as the market remains above $1,830 on a daily closing basis.

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XAUUSD daily time frame

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6 comments
Justin Bennett says

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Masoud402 says

Thanks a lot

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ali says

thank you for the update sir.

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Emmanuel says

Thanks for the information

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Majid Ali says

Hi dear how are you long time no see I didn’t get your notifications

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Lawrence says

Thanks for the updates sir, pls kindly alert me when GOLD retests this breakout. Thanks again.

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