XAU/USD – Is the Price of Gold Going to Fall This Week?
The gold is still trading at a relatively high level. Let’s examine the H4 time frame. During the London session, the price reached the previous day’s high (Friday’s high) and has since been moving between the previous day’s high and low, representing the support and resistance lines.
If you are looking to enter buy trades, it is advisable to consider the trendline and the previous day’s high as resistance levels. Wait for a price breakout above these levels before initiating a buy trade.
If you are considering entering a sell trade, the most favorable setups would be near the trendline and resistance area. Additionally, the price is likely to find initial support at the previous day’s support level (bottom price line). On this bottom line, you can clearly observe a double bottom chart pattern from the left side, which further confirms that this level is a strong support.