XAU/USD(GOLD) has seen a movement in the upwards direction over the last week and to my analysis of a downtrend (trend) it has reached a point of resistance which it may decline and continue over with its downtrend movements, it has to decline the area in order for it to be a proven reversal here are the key things I checked
- It's in a downtrend
- It took last week, moving in an opposite direction from what its trend says
- It has touched the trendline
- The MACD seems to be moving closer together so it can officially cross
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.