Gold (XAU/USD) Weekly Analysis #6

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As we can see in the daily timeframe, the gold price looks like they are still on a major sideways between the lowest zone so far after the drop, around 1620 and the current daily support become resistance zone (SBR), which is around 1860.

Press here for h4 chart.

At the H4 timeframe, the gold price shows a nice uptrend but the gold price unable to break the daily support become resistance zone as u can see up there price rejects around 200 pips immediately after a small retracement this price action shows us that the zone is strong, for coming week the price may continue to go down probably as a small retracement before continues the trend on h4. The price maybe can test the h4 rally base rally zone around 1780 if the price breaks down so the next zone is the daily resistance become support zone around 1730. 

If the price able to break the nearest daily resistance become support zone price might go high till the daily resistance zone around 1870. But will give some retracements before continues go up. 

By the way, high impact news for next week is on Monday which is S&P global service and on Thursday there will be two high-impact news on the same time so pls trade carefully. For newbies, we won’t recommend to trade while the news is in effect because the gold price will be too volatile so trade-wise. 

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