XAUUSD: New High

XAUUSD, H4

On the H4, XAUUSD, in a short-term bullish trend, formed an ascending channel pattern and updated ATH! Price has reached 161.8 Fibonacci resistance, with a divergence forming on the MFI and %R indicating overbought.

• If Gold breaks the trend line above the 2505 resistance, the target will be the 2550 level;

• A rebound from the trendline will drop XAUUSD to support at 2475;