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XAU/USD – Currently Testing Long-Term S/R Zone (Weekly chart)
The precious metal has worked its way back up to 1290 again and is currently testing this S/R zone (1290-1310) for the 3rd time in 4 months.
The last 2 rejections from this key resistance zone have been equally strong, so for now we expect this zone to hold.
On a successful 3rd rejection from this zone, a move down towards 1260 is likely and if that area fails to provide support, 1210 would be next in line.
A daily close above 1310 would change our LT bias …... Keep reading