On 20 February, the price of XAUUSD began to rise after it hit the support level at 2013. This increase formed a rejection candle. The price is now moving back and forth near the edge of the channel that previously caused a significant move. I think the price will keep moving sideways close to this channel edge before it tries to go up to test the higher resistance levels again. This situation came about because the sellers did not have enough power to make the price fall further at the support level.
XAUUSD Context
After returning to its earlier range, the price started to increase rapidly. I believe the price will keep going up. If the buyers can push the price over the 2025 level, it could then aim for the resistance at the 2035 level.
XAUUSD Trading Idea for 20 February 2024
I am aiming for the resistance zone near 2030 that was reached previously, on 20 February, for XAUUSD.