XAU/USD: Gold prices pushed on at 1228.00

Denis Joeli Fatiaki Independent Analyst

XAU/USD: Gold prices pushed on at 1228.00

What is going on with XAU/USD?

XAU/USD: Gold prices broke through 1221.70 resistance in yesterdays session and took out its price targets at 1226.54 and 1232.60 before retreating to 1226.54 towards the end of the overnight session.

Our forecast

XAU/USD: Gold prices currently trades at 1228.05 after bouncing at 1226.54 and could continue to retest 1232.60 if it maintains above 1226.54 support. If it fails at 1226.54, then support is estimated at around 1221.70. The pair currently trades in an uptrend channel in the 60 minutes time frame and need to maintain above 1221.70 support to hold the current trend.

Support - 1226.54, 1221.70, 1217.75, and 121.70

Resistance - 1232.60, 1235.60, and 1239.40

Chart 1: The short-term view of the XAU/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the XAU/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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