XAUUSD Weekly Technical Outlook
The XAUUSD market is disposed northwards. On the weekly time frame, the pinbar printed last week favours a bullish continuation. The immediate horizontal resistance is around the 1358.00 area, an area that has held on a multi-year basis.
On the daily time frame, price action is respecting an ascending trendline traceable to November 2018; an ascending channel (red) appears to be in operation on the basis of the trendline. Technically, bulls are still favoured to take the market further northwards. However, we may see a brief pullback later in the week, particularly should price action hit the channel resistance or the minor horizontal resistance around the 1329.00 area.
I still hold a bullish bias on XAUUSD.
I may be wrong. Trade safe and prosper.
KP
The XAUUSD market is disposed northwards. On the weekly time frame, the pinbar printed last week favours a bullish continuation. The immediate horizontal resistance is around the 1358.00 area, an area that has held on a multi-year basis.
On the daily time frame, price action is respecting an ascending trendline traceable to November 2018; an ascending channel (red) appears to be in operation on the basis of the trendline. Technically, bulls are still favoured to take the market further northwards. However, we may see a brief pullback later in the week, particularly should price action hit the channel resistance or the minor horizontal resistance around the 1329.00 area.
I still hold a bullish bias on XAUUSD.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money