XAUUSD: Support Holds, Breakout Ahead?
Looking at XauUSD's 4 -hour chart, we can see that the price is being blocked by the decreasing resistance line and there is no clear breakthrough through this level. EMA 34 (yellow) is currently acting as a short -term resistance close to the current price, while the EMA 89 (blue) continues to be below, supporting the price if the batch occurs sharply.
An important support area (purple area) has been determined from 2,630 to 2,645, this is where the price has reacted in previous times. This area can be a point to track the purchase signals if the price continues to decrease and touch this area.
Scenario 1: If the price continues to be resisted from EMA and the resistance line decreases, the price may check the support area again. There will be a possibility of a batch from here, creating opportunities for the buyer. This is supported by the potential "Double Bottom" model, which can be clearly seen in case the price check the support and maintain.
Scenario 2: If the price can break the resistance line above, especially when closing the candle above 2,652, this will be a strong signal for the continued trend of increasing and opening the potential to 2,670 or higher.
An important support area (purple area) has been determined from 2,630 to 2,645, this is where the price has reacted in previous times. This area can be a point to track the purchase signals if the price continues to decrease and touch this area.
Scenario 1: If the price continues to be resisted from EMA and the resistance line decreases, the price may check the support area again. There will be a possibility of a batch from here, creating opportunities for the buyer. This is supported by the potential "Double Bottom" model, which can be clearly seen in case the price check the support and maintain.
Scenario 2: If the price can break the resistance line above, especially when closing the candle above 2,652, this will be a strong signal for the continued trend of increasing and opening the potential to 2,670 or higher.
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