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Taking advantage of the weakening dollar, buyers of the XAU / USD pair pushed it into the zone above the important short-term resistance levels 1736.00 (ЕМА200 on the 1-hour chart), 1744.00 (ЕМА200 on the 4-hour chart). Today, XAU / USD is traded in a narrow range around 1744.00 mark, with potential for further gains.
A breakdown of the local resistance level 1758.00 (ЕМА50 and the upper border of the ascending channel on the daily chart) will increase the likelihood of further growth of XAU / USD in the direction of the key resistance level 1794.00 (ЕМА200 on the daily chart). If the pair continues to grow, the next target will be the resistance levels 1852.00 (the upper border of the descending channel on the weekly chart), 1874.00 (local highs).
In an alternative scenario, the breakdown of the support level 1736.00 will resume the downward dynamics of XAU / USD.
The breakout of the important support level 1685.00 (local multi-month low and Fibonacci level 61.8% of the correction to the growth wave since November 2015 and the level of 1050.00) will strengthen the downtrend and send XAU / USD towards support levels 1615.00 (ЕМА144 and the lower border of the descending channel on the weekly chart), 1560.00 (Fibonacci level 50% and ЕМА200 on the weekly chart).
And in case of their breakdown, XAU / USD will go towards the key support levels 1295.00 (Fibonacci level 23.6% and ЕМА144 on the monthly chart), 1185.00 (ЕМА200 on the monthly chart) separating the long-term bullish trend from the bearish one.
Support levels: 1744.00, 1736.00, 1700.00, 1685.00, 1615.00, 1560.00
Resistance levels: 1758.00, 1794.00, 1852.00, 1874.00, 1963.00, 1976.00, 2010.00, 2075.00
Trading recommendations
Sell Stop 1735.00. Stop-Loss 1751.00. Take-Profit 1700.00, 1685.00, 1615.00, 1560.00
Buy Stop 1751.00. Stop-Loss 1735.00. Take-Profit 1758.00, 1794.00, 1852.00, 1874.00, 1963.00, 1976.00, 2010.00, 2075.00
