As I expected price had a good growth and reverse after retesting the daily support level at 1695.
Currently, we can see a bullish push and rise on XAUUSD. There is a key level between 1723 - 1726 which is a resistance zone and I expect a rise to this key level for price for now.
We should wait for an upside breakout or a rejection after price approached to this key level.
I personally think XAUUSD will continue growing up and there is a high probability of an upside breakout on the red resistance zone.
If price broke the resistance zone and closed a bullish candle above this level in 1H, we can expect more rise to 1737 which is the next resistance.
On the other hand, if price failed to break the resistance and got rejected strongly, we might see a drop to 1714, but generally I am on the bullish side for XAUUSD. What is your side? Fell free to share your ideas in the comments.
Thank you for your analysis. I have been trading the zone you mentioned. Gold has tested this twice now in the last couple sessions. Notable to me is 1700 held today. Let's see if a third test of resistance can lead to a breakout! GLTA!
Tolberti
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Great job! I like your style.
Solldy
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Pretty interesting and informative publication 🤔 You have quite an unusual approach to technical analysis, I like it)