The XAU/USD (Gold) has broken above the key resistance trend lines (dotted), which indicates a potential restart of the previous strong uptrend.
XAU/USD
Day
Gold’s strong bullish price action could complete the bearish wave 4 (blue) correction at the 38.2% Fibonacci retracement level and indicate the start of the wave 5 (blue). A break above the next resistance trend line (red) could confirm (green check) the bullish continuation towards the Fibonacci targets of wave 5 vs 1+3.
4 hour
The XAU/USD is building a consolidation zone (purple box) after a strong bullish breakout above resistance (dotted lines) and push higher. A bullish continuation is likely to confirm (green checks) an uptrend unless (red x) price makes a strong decline below support (blue).
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