XAUUSD At Daily Support Level
After a significant big drop, price approached to the daily support level and was pushed to the upside.
Currently, in the daily time frame, we can see a bullish candle for today with an upside pressure, but the main trend and the price structure are obviously still bearish.
For now, we should wait to see if the daily support level will hold and push the price to the upside or not.
First signal of this evidence would be a daily closure above the yesterday’s candle at 1711, if this happens, we can expect a little rise to 1717.45 which is a resistance level in 4H time frame.
Then, if price breaks 1717.45, there is a high probability of an upside reverse and a growth to 1735.50 and 1758.50
On the other side, if the daily support level (1696) could not hold the price and was broken to the downside, the next target for price would be around 1675.
Currently, in the daily time frame, we can see a bullish candle for today with an upside pressure, but the main trend and the price structure are obviously still bearish.
For now, we should wait to see if the daily support level will hold and push the price to the upside or not.
First signal of this evidence would be a daily closure above the yesterday’s candle at 1711, if this happens, we can expect a little rise to 1717.45 which is a resistance level in 4H time frame.
Then, if price breaks 1717.45, there is a high probability of an upside reverse and a growth to 1735.50 and 1758.50
On the other side, if the daily support level (1696) could not hold the price and was broken to the downside, the next target for price would be around 1675.
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