In the daily time frame, price is in a strong bullish trend and had a significant growth in the past few weeks.
Price had the highest high of 1784 and failed to rise more for now. We see an upper shadow on the current candle which indicates the weakness of bulls.
Currently, price is approaching to the red resistance zone which is between 1789 - 1802.
On the other side, we can see that the bullish momentum is getting weak and price is not facing a bullish pressure as much as before.
I expect a rejection and push to the downside from the red resistance zone. The price might enter to the exhaustion phase and drops towards the green support zone which is between 1725 - 1735.
Afterwards, since XAUUSD has started an uptrend, we might see a rise again from the support area in the future.
What is your opinion about XAUUSD? Feel free to share your ideas in the comments.
Price had the highest high of 1784 and failed to rise more for now. We see an upper shadow on the current candle which indicates the weakness of bulls.
Currently, price is approaching to the red resistance zone which is between 1789 - 1802.
On the other side, we can see that the bullish momentum is getting weak and price is not facing a bullish pressure as much as before.
I expect a rejection and push to the downside from the red resistance zone. The price might enter to the exhaustion phase and drops towards the green support zone which is between 1725 - 1735.
Afterwards, since XAUUSD has started an uptrend, we might see a rise again from the support area in the future.
What is your opinion about XAUUSD? Feel free to share your ideas in the comments.
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