Weekly Technical Analysis Report 20 March – XAUUSD played out nicely

Weekly Technical Analysis Report 20 March – XAUUSD played out nicely

1. Last week’s outlook on XAUUSD: Bullish outlook seen

Prices have broken above a key resistance zone at 1831.20 on the H1 timeframe, which is in line with the 23.6% Fibonacci extension. A throwback to this zone could present an opportunity to ride the bounce to the resistance zone at 1842.50, which coincides with the 78.6% Fibonacci retracement and extension levels. Prices are holding above the Ichimoku cloud and 20 EMA, supporting our bullish bias.

Before:

Bullish outlook on XAUUSD – 10 March 2023 by Salzworth on TradingView.com

After:

2. This week’s outlook on GBPUSD: Bullish outlook seen

Prices have broken above a key support zone at 1.2150 on the H1 timeframe. A throwback to this zone, which coincides with the 38.2% Fibonacci retracement, could present the opportunity to ride the bounce to the resistance zone at 1.2250, which is in line with the 78.6% Fibonacci extension. Price is holding above the 20 EMA and Ichimoku cloud, supporting our bullish bias.

Bullish outlook on GBPUSD – 20 March 2023 by Salzworth on TradingView.com