XAUUSD Update: Bullish Structure
Updated
In my previous analysis, I expected a fall to 1627 and 1615, but price could not break the first support level and after falling to 1630, it was pushed to the upside and started a new upside move.
Currently, price is facing bullish pressure and is approaching to the daily resistance level in red colour at 1665. This a key level for us because we can see there were a lot of reactions to this level in the past in the daily and 4H time frame.
Since, price failed to make lower low and didn’t drop, and made a higher low instead, it might be a signal of reverse.
But, we should wait for the price reaction to the red level first:
If price breaks the red resistance level at 1665 strongly and makes a higher high, the uptrend will be confirmed and we expect more rise to the next resistance levels which are marked with green colour at 1673 and 1680 - 1685.
On the other side, if price failed to break the resistance and got rejected from it, we consider the current bullish move as a retrace and expect a drop again to 1630.
What is your opinion of XAUUSD next move? Feel free to share your ideas in the comments.
Currently, price is facing bullish pressure and is approaching to the daily resistance level in red colour at 1665. This a key level for us because we can see there were a lot of reactions to this level in the past in the daily and 4H time frame.
Since, price failed to make lower low and didn’t drop, and made a higher low instead, it might be a signal of reverse.
But, we should wait for the price reaction to the red level first:
If price breaks the red resistance level at 1665 strongly and makes a higher high, the uptrend will be confirmed and we expect more rise to the next resistance levels which are marked with green colour at 1673 and 1680 - 1685.
On the other side, if price failed to break the resistance and got rejected from it, we consider the current bullish move as a retrace and expect a drop again to 1630.
What is your opinion of XAUUSD next move? Feel free to share your ideas in the comments.
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