XAUUSD Weekly Chart Analysis

As you see, in the Weekly time frame we have an uptrend which is in the correction phase for now. Price has retraced more than 50% and is approaching to the strong support levels (1695.59, 1682.00 & 1657.00). IF this week’s candle closes below 1700, I expect the price to fall around one of the mentioned support levels and also retesting the ascending trend line (Be careful about the support level which is closer to the ascending trend line). Moreover, MACD shows two positive divergences which is a very strong bullish signal for us. If there was any rejection by the support levels in lower time frames we can enter long after the first touch on the trend line.