Last week, I discussed how XAUUSD (gold) tested the top of a long-standing descending channel.
In many ways, this pattern hinted at a bull flag starting from the 2018 lows.
That’s when XAUUSD started its parabolic move from $1,160 to $2,075.
With gold now firmly above the $1,850 area, it seems buyers are willing to push the envelope.
The next key resistance from here is $1,960.
That area rejected gold twice, once in November of last year and again this past January.
As for more immediate levels, a daily close above $1,870 should flip the area to support.
Keep an eye on $1,910 on the way up as well.
It’s the location of a gap from January and served as support in August and September of last year.
I’ll remain bullish on XAUUSD as long as the market remains above $1,830 on a daily closing basis.
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