XAUUSD
Gold is currently testing a strong resistance zone. A clear breakout here could open the way for further upside, but if it rejects, we may see a correction toward the 3330 area. On the 4H chart, higher lows are building a bullish bias, though confirmation is still needed.
From a fundamental side, USD strength, Fed policy updates, and upcoming economic data will be key drivers. Traders using a forex funded account should be extra careful with risk management around these levels, since volatility can spike quickly.
GoldAlgo posted:
Gold-Algo here
looking at gold Daily, the price is stuck under a resistance that has been tested multiple of times and is still strong. however, the continuation of the higher lows and the push to the top with tighter and tighter legs seems the price insists on breaking that resistance.
on the 4H chart. the price has entered the block order and reacted to the 50% lever of the OB candle. right after is minimal reaction and move down, but with the strong push to the top and the bullish sentiment, the price might linger in the OB.
now in the 15M chart, if the price breaks the red line down and stay, can be confident and positive in a move down to 3330.
NOW, gold is very much affected and its actions are very much related to the news, China-Taiwan conflict, Russia-Ukraine war, Trump vs cook/FederalReserve news and... all these news, data, quotes, public speaks and tweets and... pushes gold up. so have it in mind that trading bearish is super risky.
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