Technical resistance but fundamental Bullish Bias.
XAUUSD is trading in all time high. With fundamental analysis favouring bullish bias due to fed cut and other central bank cuts. Since XAUUSD is already in uptrend, we cannot second guess where it is going to take resistance. Some may interpret it is in high end of an uptrend channel in weekly candle which can be seen like a rising wedge also. Even in hourly candle there is a small sell off seen which may be due to closure of long positions or may be a starting point of resistance. Since Fundamental and Technicals contradict, traders should be very cautious and look for which side the big money is flowing in. Also I have marked important levels if someone is looking to average out their positions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.