XAUUSD: Minor pullback and future retest coming
We can see price falling just short of 1900 as it bounced straight back up earlier today. This strong rejection might be starting up a reversal of the short term fall in gold prices. Signals are mixed and the bias goes neither way as of current.
I’m still confident of a retest and breakthrough of 1900 with the target of 1885 in sight as a stronger floor. We’re watching the price rise slow down, a behaviour often correlated to a change in direction. With the USD remaining strong at them moment, it indicates a high probability of further loss.
Reasons to take:
- Price is still under EMA100
- The market has maintained its downtrend within its trend supports
Stochastic and momentum on the 1hr timeframe do not yet signal the confirmation of an impending fall in price. So we wait !
I’m still confident of a retest and breakthrough of 1900 with the target of 1885 in sight as a stronger floor. We’re watching the price rise slow down, a behaviour often correlated to a change in direction. With the USD remaining strong at them moment, it indicates a high probability of further loss.
Reasons to take:
- Price is still under EMA100
- The market has maintained its downtrend within its trend supports
Stochastic and momentum on the 1hr timeframe do not yet signal the confirmation of an impending fall in price. So we wait !
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