XAUUSD Technical Analysis 07.02.2023 1h chart

– Previous Daily candle closed weak Bullish at 1867.800 forming Daily Support at 1865.700 leaving +130 pip Rejection wick to the upside.
– Buys on close above 1878.700 targeting 15min Resistance at 1884.300, Leaving Runners to the 4h previous Support formed on 13th January 2023 at 1893.000.
– Sells on close below 1863.500 targeting Daily  previous Resistance formed on 5th January 2023 at 1855.000, Leaving Runners to the 1h previous Support formed on 6th January 2023 at 1851.800.
– The No Trade Zone is larger than usual but when looking on the chart on the Hourly and 30min timeframe there is a lot of small  ranges where price have consolidated, Part of the small ranges are the Daily Rejection to the upside, there could be Buys within those Ranges but a much better setup for Buys would be above 1878.700  anticipating price to correct part of the big bear we’ve had last Friday. Sells could also be valid and clean once price break below 1863.500 as the Monday Daily candle closed Weak Bullish.
– Fed Chair Powell due to participate in a moderated discussion at the Economic Club of Washington DC after London Close.