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Against the backdrop of a weakening dollar and growing risks of a recession in the United States and in the global economy, gold quotes again moved to growth. XAU/USD is up for the 3rd day in a row today and is traded near 1764.00 as of this writing, in close proximity to the strong resistance at 1766.00 (EMA200 on the 4-hour chart).
In case of its breakdown, the important resistance level 1775.00 (EMA50 on the daily chart) becomes the target, the breakdown of which will increase the likelihood of further corrective growth towards the key resistance levels 1800.00, 1819.00 (EMA200 on the daily chart). Their breakdown will confirm the return of XAU/USD to the long-term bull market zone.
An alternative scenario will be associated with the breakdown of the important short-term support level 1757.00 (EMA200 on the 1-hour chart).
After the resumption of decline and the breakdown of the key support level 1690.00 (EMA200 on the weekly chart), XAU/USD will finally enter the zone of a long-term bear market.
Support levels: 1757.00, 1748.00, 1700.00, 1690.00, 1682.00
Resistance levels: 1766.00, 1775.00, 1800.00, 1819.00, 1832.00, 1875.00
Trading recommendations
Sell Stop 1755.00. Stop Loss 1770.00. Take-Profit 1748.00, 1700.00, 1690.00, 1682.00
Buy Stop 1770.00. Stop Loss 1755.00. Take-Profit 1775.00, 1800.00, 1819.00, 1832.00, 1875.00
