Weekly Price Action Setups & Key Levels | Aug 20-25

My Current Active Open Trades: GBPUSD, EURNZD, CHFJPY, AUDCHF, AF_UN, CUF_UN, CSE, FTS, XHB, SBER, TRP, REMX, FXo EURJPY, FXo EURPLN

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 …

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