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Monthly Time Frame: Starting on the higher time frames we can see that XAUUSD managed to break monthly consolidation and now testing as support. Now price is creating a break or bounce situation.
Weekly Time Frame: Scaling down we can see that we are in an uptrend, though, price had a strong bearish weekly closure that managed to break and close below 1540-50 zone.
Daily Time Frame: Now we can see a second trend line that was violated in confluence to our previous support to newfound resistance. If we get a pullback for entries, we can anticipate price to pullback 1440.00 in confluence to our higher time frame trend, support zone, and potential third touch of the trend line.
4Hr Time Frame: Above we can see price break and close below previous support. If price manages to stay below this zone, then we can anticipate shorts to 1440.00. Although if price manages to break back above 1550.00 and close, anticipate 1700.00. Due to uncertainty of market fluidity, risk management is highly recommended.
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