On H4, the quotations are trading under the 200-days Moving Average, which hints on the prevalence of a downtrend. However, the price is already in the oversold area. Hence, we expect a breakaway of 0/8 and further growth to the resistance at 2/8. This will be interpreted as a correction. The scenario can be canceled by a breakaway of -1/8 top-down, which might drive the quotations deeper down, to the support at -2/8.
On M15, another breakaway of the upper border of the VoltyChannel indicator can increase the probability of the growth.
XAUUSD, “Gold vs US Dollar”
On H4, the quotations are trading at the lower border of a consolidation range. We expect a breakaway of 3/8, which might end in the development of an uptrend and growth to the resistance level of 5/8. The scenario can be canceled by a breakaway of 2/8. In this case, the asset will keep falling, aiming at 1/8.
On M15, a breakaway of the upper border of VoltyChannel will support he growth of the price.