Chart of the day

XAUUSD is bouncing from the falling wedge support 1910. A bounce higher from here is opening an upside swing to the 2040 breakout resistance again.

This is viewed as the completion of the medium-term fourth wave pullback of the five waves upside. A break below 1890 is now required for a downside reversal and an invalidation of the immediate continuation in the reversal higher.

Long trade, you can open here with a stop loss just below 1890. You can only open short trade entries in the case of a confirmed break below 1890 if you got stopped out. We favor the long trade entries as we expect an upside extension from this strong support near the uptrend channel support line.

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