XAUUSD: Making Ascending Channel
As we saw last week, XAUUSD dropped significantly after the big growth.
Currently, price is making an ascending parallel channel with two touches on the lower band and one touch on the upper side (it need the second touch on the upper level to make channel valid)
We can see an upside push and rejection from the trend line:
If price breaks the red resistance level at 1944 and a bullish candle closure above this level, we can expect a rise on the XAUUSD around 1974 which is also the channel’s upper side.
Currently, price is making an ascending parallel channel with two touches on the lower band and one touch on the upper side (it need the second touch on the upper level to make channel valid)
We can see an upside push and rejection from the trend line:
If price breaks the red resistance level at 1944 and a bullish candle closure above this level, we can expect a rise on the XAUUSD around 1974 which is also the channel’s upper side.
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