XAUUSD Both Sides View

FX:XAUUSD   Gold Spot / U.S. Dollar
Yesterday, we saw a sharp rise in price. Now, it is ranging between 1740-1750 and has reached to the upper side of the descending channel .

Here are the two different scenarios:

Bullish Scenario: IF the resistance level at 1749 which is also around the channel’s upper side, broken out to the upside and candle closed above this level, we might see more rise in price as the same width as the first channel (maybe around 1768).

Bearish Scenario:
IF the support level at 1740 broken out to the downside and candle closed below this level, there might be a fall in price towards the lower band of the channel.

Since the bullish candles seem to be stronger and less than bearish ones. The probability of an upside breakout at the upper side of the channel and rise in price is more.

Also remember that, channels usually like to be broken out to the opposite direction.
My Telegram Channel:


will go up or down?
+3 Reply
Bear down and eat <3 Thank you!!
+2 Reply
Thanks for sharing , it appears the bearish one
+1 Reply
@seize_moment 👍🏻🙏🏻
+1 Reply
good work girl
+1 Reply
Great analysis, thanks for sharing 😊
+1 Reply
@financialflagship Appreciate your support
A similar view over here, love it!
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out