XAUUSD upside reversal after the bounce is facing the toughest test
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XAUUSD is testing the strong upside confluence resistance. This is coming after the strong bounce higher from 1680. A rejection here and a break below 1760 again would lead to a downside continuation and another test of the 1680 line in the sand.
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The weekly chart reveals a downtrend channel and the instrument is testing the upside resistance 1770-1780 zone. A break above this zone is required for the upside reversal continuation as this is the most significant upside resistance before the key 1820.
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On a daily chart, we can see a good RR trade opportunity Already a member? This article is so good, it’s for premium members only.
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