Caution
Our Pivot: 1846.40
Our Preference: Start Buying XAUUSD above 1851.70 with strict stop loss of 1846.40 and profit target at 1857.20 with extension towards 1859.
Alternate Scenario: Downward penetration of 1846.40 will call for 1841 and 1837 with extension towards 1832.
NOTE: XAUUSD is caged inside an ascending wedge on hourly chart which is a bearish continuity pattern but an intraday pull back is insight there buying with strict stop loss is beneficial but breakout below 1846.40 will push XAUUSD into a bearish zone which may prolong towards 1831 and 1822.
Chart with supports & resistances:
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