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XAUUSD In The Descending Daily Channel for FX:XAUUSD by Mahtab_Tradia

In the Daily chart , price is still in the descending channel .
Candles could be closed above the channel’s middle line which is kinda a dynamic resistance level .

On the other hand, price is in a sideway zone and ranging between 1775 – 1900 (although it seems like a little ranging area in daily time frame, it’s full of trading opportunities for traders)

As I mentioned in previous analyses, there is a strong resistance level at 1800 and after several times that price tried to break this level and close above that, it didn’t succeed.

Moreover, price has made a reversal double bottom pattern and the neckline has been broken out to the upside. Price has pulled back to the neckline and now it is on the halfway of the upside move.

I personally think we might see an upside breakout on 1800 this time and price can rise more around 1815 and next 1837 to retest the channel’s upper side one more time.

This was a general view on XAUUSD . For entering any position, it is better to wait for the sideway zone’s breakout to any direction and check other signals in the lower time frames like 1H or 30min. I will update the entry levels for XAUUSD later.

What do you think about XAUUSD?

Feel free to share your ideas in comments

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