XAUUSD Rise After Retrace
After growing significantly and reaching strong monthly resistance levels, price started to drop and retrace.
Currently, price is in the correction phase and has approached to the yellow support zone.
We can see the rejection and upside push from this level in the past, and at this moment it seems like it may happen again.
We should wait for the current 4H candle to be closed first, then if price breaks the ascending trend line and closes a bullish 4H candle above it, we can expect a rise to the red resistance level around 2003, and in the case of an upside breakout on the red resistance level, wait for bullish candle confirmation to be closed above the level (2003), then go long again with a target at 2047
Currently, price is in the correction phase and has approached to the yellow support zone.
We can see the rejection and upside push from this level in the past, and at this moment it seems like it may happen again.
We should wait for the current 4H candle to be closed first, then if price breaks the ascending trend line and closes a bullish 4H candle above it, we can expect a rise to the red resistance level around 2003, and in the case of an upside breakout on the red resistance level, wait for bullish candle confirmation to be closed above the level (2003), then go long again with a target at 2047
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