On H4, the quotations are trading above the 200-days Moving Average, which indicates the prevalence of an uptrend. We expect a test of 5/8, a bounce off it, and further growth to the resistance level of 7/8. The scenario will be cancelled if 5/8 is broken away downwards. In this case, the quotations might continue falling and reach the support level of 4/8.
On M15, price growth will be further supported by a breakaway of the upper VoltyChannel line.
XAUUSD, "Gold vs US Dollar"
On H4, the quotations remain inside a consolidation range between 3/8 and 5/8. We can now see a breakaway of 4/8 upwards. This makes growth to the resistance level of 5/8 highly probable. The scenario will be cancelled if the price returns under 4/8. In this case, the price might fall to the support level of 3/8.
On M15, the upper line of VoltyChannel is broken. This makes further price growth more probable.
