GOLD (XAUUSD): Major Resistance to Watch 🥇

7 mai 2021

Hey traders,

Gold reached our goal - 1815 level.
And though it was considered to be a strong key level,
for now, we don't see any indication that the market will reverse from that structure.
Instead, it looks like the market is going higher.

There are two resistances that are on my radar right now:

• The market is trading in a local rising channel.
  Its resistance can be a nice point for catching intraday shorting opportunities.
  
• For swing trading, consider a confluence zone between a falling trend line of a major falling channel
  and a horizontal resistance cluster 1850 - 1875.
  As a confirmation, you can rely on above mentioned rising channel bear breakout.
  

Remember, that if you missed a bullish wave, for now, it is too risky to buy.
But it is also too risky to sell.
No rush and patience.

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10 mai 2021

Note

Check my new analysis on EURUSD: