Bearish move coming up for XAUUSD?
Daily timeframe: Price is currently trading around 2689, with price action hovering around our HTF OTE zone (2685-2696.4).
H4 Timeframe: Price is currently trading within our H4 ascending channel and has met with our H4 SnR zone + at the resistance trend line.
I would expect a minor push up before a nice breakout sell soon, this is also supported with DXY’s price actions as I would expect DXY to retrace a little to an area of discount before pushing up higher. Furthermore, fundamental news thus far puts the US Market in a good condition for more growth, and hence, putting technical and fundamental analysis together, I would expect a correction for XAUUSD in the following days/weeks.
Stay tuned!
H4 Timeframe: Price is currently trading within our H4 ascending channel and has met with our H4 SnR zone + at the resistance trend line.
I would expect a minor push up before a nice breakout sell soon, this is also supported with DXY’s price actions as I would expect DXY to retrace a little to an area of discount before pushing up higher. Furthermore, fundamental news thus far puts the US Market in a good condition for more growth, and hence, putting technical and fundamental analysis together, I would expect a correction for XAUUSD in the following days/weeks.
Stay tuned!
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