XAUUSD is currently on an uptrend and has been forming its higher highs and higher lows and also its elliot wave pattern, but its yet to complete its 5th elliot wave structure. The identified resistance in the analysis above which is also the 'Higher high' of the trend, serves as a Benchmark to determine if price will keep rallying to complete the 5th elliot wave or price will start it's reversall from there.
That resistance area will serve as a Benchmark for our confirmation...We will have to wait for a Daily close above the Resistance area, to confirm our BUY Bias OR a Daily close below the resistance area backed by a sell price action, in order for a price reversal (SELL) to occur.
That resistance area will serve as a Benchmark for our confirmation...We will have to wait for a Daily close above the Resistance area, to confirm our BUY Bias OR a Daily close below the resistance area backed by a sell price action, in order for a price reversal (SELL) to occur.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.