XAU/USD: Short-term trend reversal at mid-term key support

Chris Capre 2ndskiesforex

Price Action Context

The price of the precious metal did on Tuesday retrace back to the mid-term key support we already talked about on the 26th of August. The re-test of the key support was followed a strong bullish reaction and short-term trend reversal.

Trending Analysis

The short-term trend has clearly reversed with the price action printing a new series of higher highs and higher lows and a bullish impulsive and corrective sequence, indicating that bulls are in control short-term. If bulls can remain in control, a bullish continuation towards $1970 and $2000 is likely. Buyers looking to go long the precious metal can look for weak/corrective pullbacks to get long.

Closest Support & Resistance Zones

Resistance: 1970 - 1992
Support: 1900 - 1928

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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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