XAUUSD Upside Continuation or Reverse?
Updated
As we expected in the previous analysis, price had a good rise towards 1800 and then pushed back to the downside to retest the broken support zone.
Currently, price is facing an upside pressure and is moving towards the red resistance level at 1807.
We should wait to see if price breaks this resistance level strongly or will be rejected by it:
If price breaks 1807 and closes a bullish candle above this level, we can expect more upside move towards 1857 which is the next resistance for XAUUSD.
On the other hand, if price got rejected by the resistance and failed to break 1807, wait for the downside breakout on the trend line and candle closure below it, then expect a drop to the next support levels at 1768 and 1747.
Currently, price is facing an upside pressure and is moving towards the red resistance level at 1807.
We should wait to see if price breaks this resistance level strongly or will be rejected by it:
If price breaks 1807 and closes a bullish candle above this level, we can expect more upside move towards 1857 which is the next resistance for XAUUSD.
On the other hand, if price got rejected by the resistance and failed to break 1807, wait for the downside breakout on the trend line and candle closure below it, then expect a drop to the next support levels at 1768 and 1747.
Note
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