Trading Levels for XAUUSD (GOLD)

GOLD retraced back to the trendline (lows 1180 and 1194) and has performed a four days run to the upside. The price isn’t so convincing because the daily candles have very small range. However XAUUSD is facing an important horizontal resistance which we may call it “make or break”. If price breaks out, then the next resistances are 1248 and 1262. There are good probabilities for sell opportunities if price manages to climb to these areas. On the other hand, if price breaks out the rising channel to the downside, then GOLD may see the lower trendline again.

Let’s check the trading levels of XAUUSD.