XAUUSD Currency Pair Analysis
At the moment gold has rallied until the near term resistance. The pair has not broken the resistance level. At this level, price made indecision candles. Last week we see a pinbar which shows weakness in the uptrend. This week an indecision candle followed showing even further weakness in the uptrend. We wait for further price action to know whether the near term level will be broken and trend upwards and head to the major level, or reverse and we go bearish. For a bearish move we will need further confirmation and for a bullish move we will need a break of the near term level.
We will watch this currency pair closely and monitor how it behaves on this resistance zone. As usual the price will be our guide on how this precious commodity behaves at this zone.
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