Bullish Outlook on XAUUSD - 13 October

13 באוק׳ 2023

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 throwback to this level 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.