XAUUSD 4H Analysis

If this channel is valid then we’ve broken back within it. That would make the break up around the 20th an FBO or a bull trap. We can see that liquidity area above and now there’s demand below around 1665.
Again, on this chart we would expect a short spike down at some point and then a resumption of the retracement.

Having said that…..Gold is not giving bulls a chance at the moment, and when it moves like this its very possible we can go straight down to lower levels without retracement. We will have to monitor this on the 1H timeframe once the market is open.

Support:

1718
1709
1692
1668

Resistance:

1737
1756
1771