FX.co ★ Daily Video Analysis: XAUUSD bouncing from trendline support, further rise incoming!

Today we take a look at XAUUSD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is bouncing from the trendline support and could approach our buy entry level, in line with our 50% Fibonacci retracement. We could potentially see a further rise up towards our take profit level in line with our 61.8% Fibonacci retracement and 100% Fibonacci extension. It is worth noting that price continues to hold above the moving average support in line with our bullish bias.