📈 Daily TA: Gold (XAU/USD)

Hello, dear members of LeoFinance!

Today I will comment on the price chart of Gold (XAU/USD).

So, in the 4-hour chart, recently XAU/USD exited the Descending Triangle in the downward direction: However, the price of Gold rebounded and XAU/USD has formed a small Ascending channel (Uptrend). As can be seen in the chart above, now XAU/USD is testing the lower line (range) of the triangle, which I consider as solid resistance. In my view, in the near future it will be quite difficult for the Gold Bulls to break through this resistance range.

So, fellow LeoFinancier, what do you expect from XAU/USD? Do you think the price will reach once again $2000 per one troy once by the end of the month or a pullback will happen very soon?

p.s. on Friday Gold spot market closed at the level of $1,898.59 per one troy ounce, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 14+ years, and as a cryptocurrency analyst for the last 3+ years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency trades, investments and etc.

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📈 Daily TA: Gold (XAU/USD) | 17-10-2020