XAUUSD, H4 Long
From a technical perspective, the overnight breakdown below a short-term ascending trend-channel support could be seen as a fresh trigger for bearish traders. Moreover, negative oscillators on hourly charts suggest that the path of least resistance for the Gold price is to the downside. That said, it will still be prudent to wait for a convincing break below the $2,700 mark before positioning for any further losses. The XAU/USD might then accelerate the corrective decline towards the $2,685 intermediate support en route to the $2,672-2,670 strong horizontal resistance breakpoint.
On the flip side, the ascending channel support breakpoint, around the $2,730-2,732 area, now seems to act as an immediate hurdle. The next relevant resistance is pegged near the $2,750 region, above which the Gold price could resume its well-established uptrend and climb further towards the $2,770-2,775 zone before aiming to conquer the $2768 round-figure mark.
On the flip side, the ascending channel support breakpoint, around the $2,730-2,732 area, now seems to act as an immediate hurdle. The next relevant resistance is pegged near the $2,750 region, above which the Gold price could resume its well-established uptrend and climb further towards the $2,770-2,775 zone before aiming to conquer the $2768 round-figure mark.
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