Globally, XAU/USD is in a downtrend in the Month, Week, and Day timeframes.
Locally, XAU/USD is inside a descending channel. XAU/USD got rejected from 1656 with a bearish engulfing in 2-hrs timeframe.
So, in short term (next 2-3 days), I expect the price will be down further to 1616. It's weekly support.
Locally, XAU/USD is inside a descending channel. XAU/USD got rejected from 1656 with a bearish engulfing in 2-hrs timeframe.
So, in short term (next 2-3 days), I expect the price will be down further to 1616. It's weekly support.
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