XAUUSD Breach of Monthly Resistance level 1326 could lead to A..
Updated
XAUUSD Breach of Monthly Resistance level (1326) could lead to a (1474) target and here's why. We expected price to breach the weekly highs because of its Higher Low (HL) weekly price action momentum
and the fact that price broke 1254 and retested it also adds to the cause.
On the weekly timeframe we broke the monthly resistance level (1326) to we expect for price to reach the next weekly midrange resistance which turn out to be (1400).
Strong buying momentum push price through daily resistance (1240.700) to our (1400) weekly resistance.
Going down to the H4 timeframe we can take more advantage of the price action by simply placing our Fibonacci too from point A (1341) which is also our daily resistance now to point B (1435).
We have confluence at our 38.2% level with our weekly midrange resistance (1400). Our first target is (1461) with the second one of our monthly resistance (1474) and third at (1494)
and the fact that price broke 1254 and retested it also adds to the cause.
On the weekly timeframe we broke the monthly resistance level (1326) to we expect for price to reach the next weekly midrange resistance which turn out to be (1400).
Strong buying momentum push price through daily resistance (1240.700) to our (1400) weekly resistance.
Going down to the H4 timeframe we can take more advantage of the price action by simply placing our Fibonacci too from point A (1341) which is also our daily resistance now to point B (1435).
We have confluence at our 38.2% level with our weekly midrange resistance (1400). Our first target is (1461) with the second one of our monthly resistance (1474) and third at (1494)
Trade closed: target reached
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