XauUsd could correct to the upside
Updated
In my Friday comment, I said that XauUsd is contained in a descending channel and the first notable support is the confluence support from the 1850 zone.
However, looking at a shorter time frame we can see that the price is trading in a tight channel and, usually, this type of pattern leads to a reversal.
Also, bears look tired and need to catch their breath and in the Asian session, we have a strong reversal from 1885 of around 100 pips.
That being said, we can see some upside momentum for Gold with the first resistance coming into place at the 1905-1910 zone followed by the 1930 important one.
I'm bullish on the short term as long as the recent low is intact.
However, looking at a shorter time frame we can see that the price is trading in a tight channel and, usually, this type of pattern leads to a reversal.
Also, bears look tired and need to catch their breath and in the Asian session, we have a strong reversal from 1885 of around 100 pips.
That being said, we can see some upside momentum for Gold with the first resistance coming into place at the 1905-1910 zone followed by the 1930 important one.
I'm bullish on the short term as long as the recent low is intact.
Note
Gold is very close to breaking recent descending channel.A break could lead to a rise above 1900
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