Gold has reached upper side trendline
Updated
XAUUSD-H1
Key points
📍Due to the broad weakness of USD gold got some strength and moved up towards the upperside trendline
📍At 1960.00 level we can see a rejected pinbar which is a clear sign of bearish trend as the buyers lacking the momentum
📍At this level the volume is too low thus the bull is losing its strength
📍 Though the fundamentals are supporting buy trend untill 2000.00. We can expect a minor correction towards 1945.00 which is a recent support level for the bull
📍If the 1945.00 is broken then the double top formation is further confirmed and the next target would be 1921.00
Key points
📍Due to the broad weakness of USD gold got some strength and moved up towards the upperside trendline
📍At 1960.00 level we can see a rejected pinbar which is a clear sign of bearish trend as the buyers lacking the momentum
📍At this level the volume is too low thus the bull is losing its strength
📍 Though the fundamentals are supporting buy trend untill 2000.00. We can expect a minor correction towards 1945.00 which is a recent support level for the bull
📍If the 1945.00 is broken then the double top formation is further confirmed and the next target would be 1921.00
Trade closed: stop reached
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