XAUUSD in the Ascending Channel

XAUUSD is in the uptrend and also bouncing in an ascending parallel channel.

Currently, price is growing and approaching to the resistance level around 1808 which has been tested before.

If price breaks 1808 to the upside and closes a bullish candle above this level, the next targets for XAUUSD would be 1812 (1H last high) and 1827 (4H and 1H Highs).

On the other hand, if price gets rejected by 1808 and closes a bearish candle below this level, we can expect a drop on XAUUSD towards the channel’s lower band.