XAUUSD Falling channel focus
Gold continues to hold in breakout territory, following the yellow metals strong run above the $1,755 resistance level last week. A large falling price channel is now in focus across the higher time frame, which gold has been trapped in since the start of 2021. Gold bulls need to move the price above the $1,780 resistance level to break free from the falling price channel.
XAUUSD is only bullish while trading above the $1,755 level, key resistance is found at the $1,780 and the $1,800 levels.
If XAUUSD trades below the $1,755 level, sellers may test the $1,735 and $1,720 support levels.