XAUUSD long trade setup
Gold broke H1 downtrend channel and is respecting H4 uptrend channel.
There is a strong resistance area around 1242.27 which happens to also be a resistance on the previously mentioned H1 downtrend channel that could go back and retest as support AND also is 35-50% of Fibonacci,
I would expect price to go down to that area, find support and then have an upwards impulse all the way to -27 fib level where we have the resistance line for the H4 uptrend channel.
There is a strong resistance area around 1242.27 which happens to also be a resistance on the previously mentioned H1 downtrend channel that could go back and retest as support AND also is 35-50% of Fibonacci,
I would expect price to go down to that area, find support and then have an upwards impulse all the way to -27 fib level where we have the resistance line for the H4 uptrend channel.
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