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After bouncing yesterday from the key support level 1818.00 (ЕМА200 on the daily chart),
today XAU / USD is trying to develop an upward trend towards the short-term but important resistance levels 1856.00 (ЕМА200 on the 1-hour chart), 1868.00 (ЕМА200 on the 4-hour chart).
Their breakdown will confirm the restoration of the positive dynamics of XAU / USD and direct it towards the local highs and the upper border of the descending channel on the weekly chart passing near the levels 1963.00, 1976.00.
Their breakdown, in turn, will create preconditions for the return of XAU / USD to the zone of record highs reached in early August 2020 near the level of 2075.00.
In an alternative scenario, a confirmed breakdown of the support level of 1818.00 will signal the resumption of sales of XAU / USD, and the breakdown of the local support level 1770.00 will direct XAU / USD towards support levels 1685.00 (Fibonacci level 61.8% of the correction to the growth wave since November 2015 and the level 1050.00), 1560.00 (50% Fibonacci level), 1525.00 (ЕМА200 on the weekly chart).
Support levels: 1818.00, 1770.00, 1685.00, 1560.00, 1525.00
Resistance levels: 1856.00, 1868.00, 1963.00, 1976.00, 2010.00, 2075.00
Trading recommendations
Sell Stop 1801.00. Stop-Loss 1869.00. Take-Profit 1770.00, 1685.00, 1560.00, 1525.00
Buy Stop 1869.00. Stop-Loss 1801.00. Take-Profit 1963.00, 1976.00, 2010.00, 2075.00
