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.