XAUUSD Update: Bullish Structure

In my previous analysis, I expected a fall to 1627 and 1615, but price could not break the first support level and after falling to 1630, it was pushed to the upside and started a new upside move.

Currently, price is facing bullish pressure and is approaching to the daily resistance level in red colour at 1665. This a key level for us because we can see there were a lot of reactions to this level in the past in the daily and 4H time frame.

Since, price failed to make lower low and didn’t drop, and made a higher low instead, it might be a signal of reverse.
But, we should wait for the price reaction to the red level first:

If price breaks the red resistance level at 1665 strongly and makes a higher high, the uptrend will be confirmed and we expect more rise to the next resistance levels which are marked with green colour at 1673 and 1680 - 1685.

On the other side, if price failed to break the resistance and got rejected from it, we consider the current bullish move as a retrace and expect a drop again to 1630.

What is your opinion of XAUUSD next move? Feel free to share your ideas in the comments.

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