Mahtab_Tradia

XAUUSD Entering The New Parallel Channel

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
As you see, price is in the descending channel and couldn’t reach to the channel’s lower band in the last downside move which means there is more upside pressure.

Now it is struggling to break the channel’s upper band which is a strong resistance level at 1790.

IF the channel’s upper band and the resistance level at 1790 broken out to the upside and candle closed above, wait for the price to pull back after the breakout, then enter long with the target at 1815 and SL at 1770 ( Price enters the new channel and we can expect rise).

Bearish Scenario in case: IF price got rejected by the resistance level and candle didn’t close above that level, price might goes back down to the first channel and falls.

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Comments

U.S. Treasury's Yellen tamps down inflation fears over Biden spending plan

-- Chance for GOLD UPSIDE
+5 Reply
wrong analysis
+3 Reply
Thank you Mahtab, Appreciate you doing this.
+2 Reply
nice call on XAUUSD
+2 Reply
aya gheymat be 1780 polbak midahad. ya sell ke daram ro dar 1797 sl gharar daham?
+2 Reply
@LikaroTrading damet garm khandoondi maro 😄😄😄
+1 Reply
@LikaroTrading na. Baeede ke pullback bezane. Ta 1830 ro shayad bere 😎😎
Reply
Very helpful! ❤️
+2 Reply
merci
+2 Reply
Your gratefully appreciated.
+1 Reply
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