0505 P5/8 XAUUSD chance to test 1300 if the line was broken

Actually, there is no a foundamental reason for gold to bull.
A great NFP result last friday and no sign of FED cutting rate are both against gold to move up again.

Check the monthly chart, 1327-1343 is the most opomistic position that it could struggle to pull back to .

Actually, the monthly chart is guiding gold down to test 1243 later this year!

On this weekly chart, we will see a rally up to reach 1302 first if the red trendline was broken by a sideways. Once price could not make it reach the green zone and turn down again, we will have a new channel ( orange) to follow.


LESS IS MORE!

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So the plan for gold next week is to buy with cautious and making plan for a sell.