On Saturday, I mentioned a potential support area for XAUUSD near 1770.
It was the first of two possible descending channels that extend from gold’s all-time high of 2075.
So far this week, XAUUSD is up $65.
It’s also reestablishing itself above the 1790 region.
Remember that 1790 is a critical area that dates back to the 2011 to 2012 era.
However, despite this week’s gains, gold bulls still have work to do.
The 1850 resistance area stands in their way as of this post.
It’s going to take a daily close above 1850 to expose the top of this descending channel just above 1900.
At the same time, I do expect the 1790 area to serve as support going forward.
This recent bounce looks constructive for XAUUSD, which is why I’m anticipating a move higher over the coming weeks.
A close above 1850 followed by 1930 would open the door to 2015 and perhaps 2075.
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