XAUUSD
Weekly double top producing LH with price action reversing lower towards 49EMA line. I'm looking for a retest of the long term descending trend line with buyers stepping in to support price action at the $1244 level. Bullish sentiment is waning & turning negative with USD cross pairs ; $USDJPY, USDEUR, USDCAD, showing renewed signs of buying interest. Further evidence of pervasive buying in these pairs, along with US FED reassertion of rate hike intentions could hamper gold recovery.
XAUUSD
Weekly double top producing LH with price action reversing lower towards 49EMA line. I'm looking for a retest of the long term descending trend line with buyers stepping in to support price action at the $1244 level. Bullish sentiment is waning & turning negative with USD cross pairs ; $USDJPY, USDEUR, USDCAD, showing renewed signs of buying interest. Further evidence of pervasive buying in these pairs, along with US FED reassertion of rate hike intentions could hamper gold recovery.