Here is the weekly review of spot GOLD XAUUSD levels. You can last week’s chart review in this post.
GOLD reacted at the resistance level and also 50% retracement of D1 down leg. 1347.57 is now the level to watch for any false break should price retrace back to this high. Overall, GOLD is contained in the Daily down channel. The key levels to watch now are 1297.55 for resistance and 1268.40/1272.22 for support.
Here is the Daily Chart of spot GOLD
In 4-Hour time frame, I am watching closely is the potential break up of the H4 down channel. Refer to the 4-hour chart below, a break of this channel, and 1297.55 might bring us back to 1347.57 as mentioned before. On the hand, a break of support level 1268.40/1272.22, I will be looking at potential short setup at the pull back.
That’s all for this post.
From the desk of TraderGav.com