Hello Traders! XAUUSD broke out of a DESCENDING TRENDLINE(Orange Trendline), which is a good sign for GOLD BULLS. However, it dropped back below the trendline almost immediately which makes me wonder if it was a ''FAKE BREAKOUT". That being said, Gold seems to have found some SUPPORT IN THE LONG-TERM BULLISH TRENDLINE(Green Line) which increases the probability of a BULLISH BREAKOUT in the near-term. We, also have a DOUBLE BOTTOM at 1267. So, traders can look for BUYS between 1267-1277 depending on BULLISH PRICE ACTION with SL below 1260. TPs can be set at 1300 and 1312 respectively.
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