Daily Price Action

XAUUSD: Gold Tests Key Resistance at $1,850


XAUUSD is testing a significant resistance area today at $1,830.

I’ve mentioned this level several times over the last few months.

You’ll also remember the double bottom that developed on gold in March.

The measured objective of that pattern was also $1,830.

Where XAUUSD goes over the next few weeks hinges on what happens in this area.

A daily close above the $1,830 region (could be as high as $1,850) would confirm the breakout from the descending channel.

It would also open the door to the next key resistance area near $1,950.

Keep in mind that I use 5 pm EST (New York close) charts.

You can get access to the charts I use here.

Alternatively, bearish price action from the $1,850 region could send XAUUSD lower again toward the $1,760 key support area.

However, the $1,800 region will likely attract buy orders as well.

In summary, the broader uptrend remains intact, and a daily close above $1,850 would signal the start of the next leg higher for gold.

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XAUUSD daily time frame

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Justin Bennett says

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