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XAUUSD: Testing Resistance!

Monthly Time Frame: Starting on the higher time frames we can see how price is testing previous resistance as support. Reading the current monthly candle, we can see that price came down to test previous support and then wick back above 1540.


Weekly Time Frame: Scaling down to the weekly, we can see that price is currently testing resistance. Now we have a bounce or break situation.


Daily Time Frame: Price managed to tap previous support 1455 and reject back to resistance. If price manages to break this zone (1540) we can potentially see new highs.


4Hr Time Frame: If price manages to break and close above this resistance, we can see longs to 1620 key zone. Although if price manages to reject and maintain below, then anticipate shorts back down to 1455. Due to uncertainty of market fluidity, risk management is highly recommended.


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