Correction? Upside continuation?

May 10, 2021

XAUUSD

After last Friday's strong upsurge only further consolidates XAU technical bullishness, yet closing in to a major resistance @ 1850-1860 area puts XAU bulls in challenge and testing their patience.

Judging from 30 mins chart XAU has breached DC upper line @ 1837, forging positive uptrend development though it did not follow through with instant breakout, still I will take it as a break out potential to the upside, target remain unchanged @ 1850 - 1860 by EOD.

Based on above, if you don't have open position, try setting buy limit entry order @1829-1830, stop loos 1824-1827 levels. Below 1824 look for short term downside adjustment target 1817-1818, further down will reveal stronger support @ 1797-1800 levels, this is the level I will put larger entry orders. Shall this level failed to support further downwards stronger support will be found around 1760-1764 area.

Good luck trading.

PS. Again, above is only my 2cents on XAU movement base on recent price actions, trade using DC can switch trend at any time, above ideas are not meant to be suitable for anyone but can only be used as a reference.