XAUUSD Update: Resistance Approach
Diupdate
As I expected in my previous analysis, price had a big significant rise with strong movements.
In the Daily time frame, we can see that the yesterday’s candle is a strong bullish candle which has broken the resistance zone between 1625-1635 and it turned into a support zone.
Currently, in today’s candle, price is facing bullish pressure but not as strong as the yesterday’s one because it has approached to the resistance level at 1765 and price is trying to break this level.
Since it is the end of this week, it is better to wait and see for the price reaction. If today’s candle which is also this week’s candle, was closed above 1765 (red resistance level), we can expect more rise on XAUUSD with a target of 1802-1807
On the other side, if price failed to close the candle above the red resistance level, we might see some downside retrace and a throwback towards the yellow support area around 1635 and then a rise again.
In the Daily time frame, we can see that the yesterday’s candle is a strong bullish candle which has broken the resistance zone between 1625-1635 and it turned into a support zone.
Currently, in today’s candle, price is facing bullish pressure but not as strong as the yesterday’s one because it has approached to the resistance level at 1765 and price is trying to break this level.
Since it is the end of this week, it is better to wait and see for the price reaction. If today’s candle which is also this week’s candle, was closed above 1765 (red resistance level), we can expect more rise on XAUUSD with a target of 1802-1807
On the other side, if price failed to close the candle above the red resistance level, we might see some downside retrace and a throwback towards the yellow support area around 1635 and then a rise again.
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