Chart of the day

XAUUSD is bouncing off the strong rising wedge support of 2010. To invalidate the upside extension, we must see a confirmed break below the indicated rising wedge support and downside resistance for the XAUUSD.

This fifth-wave upside seems to be finished, and only a break above 2065 will invalidate that downside reversal. We need to see a clear confirmed break below 2010 for the upside fifth wave to be confirmed as finished and for the short trade entry to be justified.

Short trades could be opened here with a stop just above 2020 upon a break below 2010. Long trades should be opened only upon a break above 2060. The instrument is testing a key short-term resistance here.