XauUsd could correct to the upside

In my Friday comment, I said that XauUsd is contained in a descending channel and the first notable support is the confluence support from the 1850 zone.
However, looking at a shorter time frame we can see that the price is trading in a tight channel and, usually, this type of pattern leads to a reversal.
Also, bears look tired and need to catch their breath and in the Asian session, we have a strong reversal from 1885 of around 100 pips.
That being said, we can see some upside momentum for Gold with the first resistance coming into place at the 1905-1910 zone followed by the 1930 important one.
I'm bullish on the short term as long as the recent low is intact.

ความคิดเห็น:

Gold is very close to breaking recent descending channel.
A break could lead to a rise above 1900