XAUUSD Entering The New Parallel Channel

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.