Contributors Technical Analysis XAUUSD Neutral Bias

XAUUSD Neutral Bias

Technical analysis

XAUSUD has a neutral bias as the four-hour time frame is showing both an inverted head and shoulders pattern and a head and shoulders pattern have formed.

The MACD indicator shows that bearish divergence has formed around the $1,780 area. However, the overall price trend remains unclear until the $1,830 to $1,746 price range is broken.

What the possible outcomes are

In our most likely scenario, the XAUUSD pair will eventually fall towards the $1,785 support area and then stage a recovery back towards the $1,830 level.

Alternatively, XAUUSD could break under the $1,785 support level and quickly fall towards the $1,746 level.

Key levels

Support $1,785 $1,746

Resistance $1,830 $1,845

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