XAUUSD Major 25-year Resistance getting tested!Gold (XAUUSD) has been on a multi-decade uptrend since the 2000 bottom and shortly after the launch of its ETF. With the exception of the aggressive 2006 break-out, the majority of its price action has been inside the (blue) Channel Up but the use of the Fibonacci extension Channel allows us to catch the key levels of the post 2006 action too.
What's more important is that the market is testing the top of that (blue) Channel Up, i.e. the 1.0 Fibonacci level, for the first time since August 2020, which was a major market top and the start of a 3-year Bear Phase.
As mentioned, the only time this Resistance broke was in April 2006, when Gold truly turned parabolic. The question is, what will it be this time? A macro level bullish break-out to the Fib 1.5 extension or the more short-term dynamic of the top of the blue Channel Up and a rejection back to the long-term Support of 1M MA50 (blue trend-line)?
Tell us your thoughts in the comments section!
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