Continuing on with the XAU/AUD narrative that we started on Monday:
‘While the most recent swings saw price chop through it, the fact that Friday’s daily low was the exact level shows it’s still significant in using it as a higher time frame level to manage risk around heading forward.’
With higher time frame support defined on that chart earlier in the week, price continued to rally off the level.
But with yesterday’s Gold weakness, price has pulled back into this short term previous resistance turned possible support.
A possible level that we can look to manage our long’s risk around.