XAUUSD Looking Bullish

Gold is still trading with a reasonable bid-tone around the $1,800 level despite the US dollar index continuing to strengthen broadly. Golds bulls need to clear the $1,815 level to encourage further buying interest towards the $1,830 resistance area. The four-hour time frame continues to show that a large inverted head and shoulders pattern with a $65.00 upside projection is in play.

XAUUSD is only bullish while trading above the $1,795 level, key resistance is found at the $1,815 and the $1,840 levels.

If XAUUSD trades below the $1,795 level, sellers may test the $1,780 and $1,770 support levels

These trading ideas can only be applied to the intraday trading strategy and remain valid for 24 hours after publication. They are based on historical data and analysis and do not guarantee constant profit. You remain solely responsible for your decisions and the financial risks you take. In case your pending order is not executed within a single trading day, please, do not forget to cancel it.

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