OANDA:XAUUSD   Gold Spot / U.S. Dollar

After a continuous fall for the past 30 days, the counter XAUUSD’s price started moving upwards and form an ascending channel from 12th March. The formation of the ascending channel indicates the counter is in a strong bullish trend . The previous entry of the counter was at the bottom line of the channel at the price of 1698.87. The buying mood of the market may push the price upwards. The current trend of the counter is expected to continue further. The MACD indicator curves give additional support to the description.

The major levels for this counter are

R2 –1747.74
R1 –1739.33
PP –1732.70
S1 –1724.18
S2 –1717.66