XAU/USD: Gold retreats to 1221.70 after a massive run

Denis Joeli Fatiaki Independent Analyst

XAU/USD: Gold retreats to 1221.70 after a massive run

What is going on with XAU/USD?

XAU/USD: Gold prices dipped below 1193.45 in yesterdays trades but bounced at 1190.85 and made it back to 1193.45.
Gold prices exploded to the upside during the European session after breaking out at its 500 EMA in the 60 minutes time frame. The pair reached 1226.54 before retreating to 1221.70

Our forecast

XAU/USD: Gold prices currently trades at 1221.06 below 1221.70 and could head down to 1217.75 and 1212.70 if it fails to get back and maintain above 1221.70. Gold prices need to break and hold above 1226.54 to continue to 1232.60

Support - 1217.75, 1212.70, and 1203.80

Resistance/Target -1226.54, 1232.60, 1235.60

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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