XAUUSD Rise After Support Rejection

XAUUSD had a significant drop in the last few weeks and as you see in the 4H time frame, price is still in the downtrend but with a slower pace and lower momentum.

Currently, we see the price approaching to the support zone which has pushed the price to the upside once before and is between 1832-1818.

On the other hand, a strong 4H bullish candle has been closed above the support zone which indicates that the bearish strength is going to be decreased. Moreover, we can see the rejections by the lower shadows of the current candles.

If price got rejected from the yellow support area and could break the red resistance level at 1846, I expect a bullish reversal move for XAUUSD and a rise towards the green levels at 1859 and 1870 in the upcoming weeks.

What is your opinion about XAUUSD? Feel free to share your ideas in the comments.