XAUUSD further upside potential or more profit taking?
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From the chart, we can see that price has been on the rising channel for a couple of weeks and now we are at the upper trend line of the channel again.
Not forgetting that we are now at the major resistance level back in 2010s.
Although the channel is based off from the smaller time frame, I think it crucial or us to remain patient and observe these few days close.
(best is to reevaluate when the week ends)
For long will be looking for more candle stick closure above the trend line or a very clear retest.
For short will be looking out for rejection from the trend line .
Do not FOMO and remain patient.
Not forgetting that we are now at the major resistance level back in 2010s.
Although the channel is based off from the smaller time frame, I think it crucial or us to remain patient and observe these few days close.
(best is to reevaluate when the week ends)
For long will be looking for more candle stick closure above the trend line or a very clear retest.
For short will be looking out for rejection from the trend line .
Do not FOMO and remain patient.
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