Weekly Technical Analysis Report 13 Oct – Bullish outlook on XAUUSD
October 13, 2023
Weekly Technical Analysis Report 13 Oct – Bullish outlook on XAUUSD
1. This week’s outlook on XAUUSD: Bullish outlook seen
On the H4 timeframe, price is exhibiting bullish order flow, forming higher lows and higher highs, which manifested itself as an ascending channel. Price has recently tapped into a key resistance-turned-support level at 1869, which is in line with the 50% fibonacci retracement. A break above upside confirmation at 1884 will provide the bullish acceleration towards the next support-turned-resistance level at 1902.50, which coincides with the 100% fibonacci extension. Price is hovering above Ichimoku cloud and 20 EMA, supporting our bullish bias.
Bullish Outlook on XAUUSD – 13 October by Salzworth on TradingView.com
