XAUUSD Bullish & Bearish Scenarios (New Update)

In the Daily chart, yesterday’s candle closed above the shooting star with a long lower shadow which means there is more upside pressure.

In the 1H chart, there is an uptrend which is in a correction phase. Price is between two dynamic levels (support & resistance). Moreover, there is a a tiny descending channel and price is approaching to the upper band of it.

On the other hand, a little triangle pattern has been created in the tiny descending channel. What a mess! 😁

CCI (Commodity Channel Index) has made a triangle pattern either and the pattern is broken out to the upside.

Based on yesterday’s candle closure which was above the body of the shooting star candle stick and the CCI indicator’s information, I expect more upside pressure and rise to 1860 for now which is a resistance level but let’s wait for the triangle’s breakout first.

Otherwise, if price gets rejected by the tiny descending channel’s upper band, we might see a downside breakout on the first support level (purple trend line) and a fall to the second support level (yellow trend line).

What is your side on the XAUUSD?
Feel free to share your ideas in the comments 🤗🙏🏻

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