The price is likely to continue moving up.

On the 4-hour chart, the price rebounded from the level of 1067.10 and is heading to 1093.87 (23.6% correction). The crossover of this level with the 23.6% arc and the 38.2% fan line is seen as the key area where the price may turn down and start declining along the 23.6% arc back to 1067.10. The breakout of the crossover leads to a growth to 1110.48 (38.2% correction). The daily chart shows a similar picture. The price rebounded from the level of 1069.80 and is moving to 1106.60 (23.6% correction).

Trading tips

Long positions seem to be more preferable and can be opened from the current level with the target at 1093.87 and stop-loss at 1082.00.

Alternative scenario

Short positions become valid when the price turns down and consolidates below the level of 1080.50 with targets at 1075.00, 1067.10 and stop-loss at 1084.00.

XAU/USD: Fibonacci analysis

XAU/USD: Fibonacci analysis

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