XAUUSD In The Descending Daily Channel

FX:XAUUSD   Gold Spot / U.S. Dollar
In the Daily chart , price is still in the descending channel .
Candles could be closed above the channel’s middle line which is kinda a dynamic resistance level .

On the other hand, price is in a sideway zone and ranging between 1775 - 1900 (although it seems like a little ranging area in daily time frame, it’s full of trading opportunities for traders)

As I mentioned in previous analyses, there is a strong resistance level at 1800 and after several times that price tried to break this level and close above that, it didn’t succeed.

Moreover, price has made a reversal double bottom pattern and the neckline has been broken out to the upside. Price has pulled back to the neckline and now it is on the halfway of the upside move.

I personally think we might see an upside breakout on 1800 this time and price can rise more around 1815 and next 1837 to retest the channel’s upper side one more time.

This is a general view on XAUUSD . For entering any position, it is better to check candles behaviour and other signals based on your own strategy in the lower time frames like 1H or 30min. I will update the entry levels later.

What do you think about XAUUSD?
Feel free to share your ideas in comments
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I'm with the bear on this one, 1st target 1680, final target 1570
+5 Reply
Market Cycle says it's bullish in emotions!
+3 Reply
@peymanrz 👍🏻👍🏻
Very Interesting :) Thank you !
+2 Reply
well done madam thanks for chart and explanation
+2 Reply
@MMBTtrader Appreciate your support
Hello, excellent idea!
Thank you for the detailed publication.
+2 Reply
@Henry_Ross Welcome Henry
Fantastic job, thanks for sharing!
+2 Reply
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