Rebound Insight
Our Pivot: 1720
Our Preference: Start buying XAUUSD above 1724.60 with strict stop loss of 1720.00 and profit target at 1732.80 and breakout above 1733 will call for 1738.00.
Alternate Scenario: Downward penetration of 1720.00 will call for 1713 and 1707 with extension towards 1700.
NOTE: XAUUSD is being caged inside a descending wedge and its trying to format a reverse head & shoulder formation at bottom.
Chart with supports & resistances:
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