XAUUSD is testing the strong resistance
XAUUSD is testing 1800 resistance. For the upside extension from here, we need to see a price action break above 1800 with significant daily close and confirmation. For a downside reversal and higher probability short trade entries, we need to see a break below 1772. With this price action, long and short trades are in option. The pair reversed from 1506 and extended higher in 5th wave. The overall trend is the upside, although a positive correlation with Indices is appealing and should worry Gold bulls.
Note – We are inclined to short trade entries here with the stop loss above 1800 if the price action reverses strongly above 1800 switch to long
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