Chart of the day

XAUUSD is testing the strong upside resistance of 2060. A rejection here will lead to a downside reversal, marking the end of the Elliott Wave's five upside waves.

Only a clear confirmed break above 2070 will invalidate the downside and lead to an extension higher to 2100. A confirmed break below the 2015 level will open a new leg lower and confirm that the long-term uptrend of the Elliott Wave is near the end. Short-term we are still in the sideway triangle which I expect to be broken out soon.

Short-term short trades could be opened here with a stop loss above 2065. Long trades should be opened only upon a confirmed break above 2070. I am inclined to see a deeper pullback into 1960 and possibly deeper.