XAUUSD bearish move started
Updated
**Monthly Chart**
Last month candle closed as bullish after creating a record high at around 2400 level (round number). This month candle is still bullish and recorded a new high at around 2450 level (just shy from the 2500 level by 50 points). Now the question is will the bullish trend continue? XAUUSD trend is still bullish on monthly there is no indication of a bearish move yet. This will be clear after the close of this monthly candle (May 2024).
**Weekly Chart**
Last week candle closed as a bearish candle after a short selling that came immediately after the new record high which trapped all the liquidities and moved lower. This is a short-term selling towards the demand zones. Therefore, I am expecting the price to move lower towards or near 2280 level before starting the upward trend. This level is very critical. However, if I am considering selling XAUUSD, I need to see the price retracing higher before moving lower (creating a swing high on lower time frames).
**Daily Chart**
XAUUSD had an aggressive or impulsive move to the downside. This indicates a short-term shift in trend and the completion of the upward wave. However, the long-term trend is still bullish. Therefore, the plan for this week is to wait for the price to move lower towards 2280 - 2270 levels and bounce from it. The second scenario would be to look for sells around 2400 if the price moved slowly upward as a corrective move.
Last month candle closed as bullish after creating a record high at around 2400 level (round number). This month candle is still bullish and recorded a new high at around 2450 level (just shy from the 2500 level by 50 points). Now the question is will the bullish trend continue? XAUUSD trend is still bullish on monthly there is no indication of a bearish move yet. This will be clear after the close of this monthly candle (May 2024).
**Weekly Chart**
Last week candle closed as a bearish candle after a short selling that came immediately after the new record high which trapped all the liquidities and moved lower. This is a short-term selling towards the demand zones. Therefore, I am expecting the price to move lower towards or near 2280 level before starting the upward trend. This level is very critical. However, if I am considering selling XAUUSD, I need to see the price retracing higher before moving lower (creating a swing high on lower time frames).
**Daily Chart**
XAUUSD had an aggressive or impulsive move to the downside. This indicates a short-term shift in trend and the completion of the upward wave. However, the long-term trend is still bullish. Therefore, the plan for this week is to wait for the price to move lower towards 2280 - 2270 levels and bounce from it. The second scenario would be to look for sells around 2400 if the price moved slowly upward as a corrective move.
Trade active
As I mentioned the bullish trend is still not finished yet. This trading idea is only for short term move. But the long term move is still bullish. We might see a break of 2500 level due to geopolitics factors.
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