XAUUSD Chart Yesterday’s Summary
Strong engulfing candle from Friday, which is usually a day that does not give accurate signals, did not hold bulls from pushing the price higher.
Bulls managed to push the price higher, above the support level at 1736.29. From there bulls have stopped and some traders have cashed out.
Price pulled back to support level at 1726.90 which is next to strong support at 1725 level.
From there bulls have overtaken the market and bring the price above 1736.29 resistance level.
XAUUSD Chart Forecast
As it looks like bulls have more strength and the price could see further move up. Bears have shown small strength but it was short move.
As we can see on the chart we have an uptrend channel that is steep which could be signal that the price could move very fast to resistance level between 1750 - 1753.87.
XAUUSD Chart – Bullish Scenario
The chart shows that bulls are dominating and we could see the price moving higher. The next level is an area from 1750-1753.87 which is quite strong resistance.
Strong bullish candles in the previous trading sessions and uptrend channel are pointing up.
XAUUSD Chart – Bearish Scenario
Bears must invest a lot of strength to beat the strength of the bulls. Bears need to bring the price below 1736.29 level in order to see a further move down.
Until that happens we should look for buy orders.
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