The XAUUSD maintained a bearish momentum yesterday , topped at the 1360 levels and bottomed at the 1327 levels . Now pressure will be on the key support 1327….
The XAUUSD will have to hold below the 1327 levels on a daily closing basis to push the market for further downside losses , If seen , It will target the 1309 levels where a breach will turn focus on the 1285 levels ,more losses will aim the 1265 levels.
On the upside , a bullish correction towards the 1348 levels is likely before attacking the 1309 levels , break of 1348 would open main resistance on daily at the 1360 levels , a halt could be seen , but , break of 1360 on a daily basis – sooner or later will recapture the 1392 levels , If this important resistance is taken out , the pair will extend gains towards the 1400 levels ahead of the 1430 levels.
In all , as long as resistance 1360 holds on a daily basis , the XAUUSD will remain based to the downside towards the 1309 levels , break of 1360 will reverse risks towards the 1392 levels.