XAU/USD – Multi-Year S/R zone holding as support

Chris Capre 2ndskiesforex

Price Action Context

Despite the strong sell off from 1700$ to 1450$ between the 8th and 16th of march, buyers came back with force and have within this week pushed price back above the multi-year S/R zone we mentioned a few weeks ago.

Trending Analysis

A strong weekly/monthly close above 1575 would indicate that this multi-year S/R zone successfully held as support, with 1750 being the closest long-term resistance to look out for. Bulls can then look for potential trading locations on weak pullback back into support zone.

Long-Term Key Support & Resistance Zones

Long-Term Resistance: 1750 - 1805
Long-Term Support: 1520 - 1575

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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