Gold prices have reached the minor resistance. Price is stuck in a narrow trading range 1206- 1215.
As seen on the chart, XAUUSD broke the midterm bearish channel. However, we have seen this false breakout before.
If the price breaks above 1216, Gold is likely to test the resistance at 1218.
Above 1218, we have 1222, 1227 and 1234 levels to be tested.
If the price breaks below 1212, 1204 and 1198 will be the next targets.
To enter the long trade, we need to see the H1 closings above 1216 and to enter a short trade we need to see H1 closing below 1212.
As seen on the chart, XAUUSD broke the midterm bearish channel. However, we have seen this false breakout before.
If the price breaks above 1216, Gold is likely to test the resistance at 1218.
Above 1218, we have 1222, 1227 and 1234 levels to be tested.
If the price breaks below 1212, 1204 and 1198 will be the next targets.
To enter the long trade, we need to see the H1 closings above 1216 and to enter a short trade we need to see H1 closing below 1212.
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