Hello Traders! XAUUSD broke out of a DESCENDING TRENDLINE(Orange Trendline), which is a good sign for GOLD BULLS. However, it dropped back below the trendline almost immediately which makes me wonder if it was a ''FAKE BREAKOUT".
That being said, Gold seems to have found some SUPPORT IN THE LONG-TERM BULLISH TRENDLINE(Green Line) which increases the probability of a BULLISH BREAKOUT in the near-term. We, also have a DOUBLE BOTTOM at 1267.
So, traders can look for BUYS between 1267-1277 depending on BULLISH PRICE ACTION with SL below 1260.
TPs can be set at 1300 and 1312 respectively.
That being said, Gold seems to have found some SUPPORT IN THE LONG-TERM BULLISH TRENDLINE(Green Line) which increases the probability of a BULLISH BREAKOUT in the near-term. We, also have a DOUBLE BOTTOM at 1267.
So, traders can look for BUYS between 1267-1277 depending on BULLISH PRICE ACTION with SL below 1260.
TPs can be set at 1300 and 1312 respectively.