XAU/USD is in descending channel, expect 1616
Globally, XAU/USD is in a downtrend in the Month, Week, and Day timeframes.
Locally, XAU/USD is inside a descending channel. XAU/USD got rejected from 1656 with a bearish engulfing in 2-hrs timeframe.
So, in short term (next 2-3 days), I expect the price will be down further to 1616. It's weekly support.
Locally, XAU/USD is inside a descending channel. XAU/USD got rejected from 1656 with a bearish engulfing in 2-hrs timeframe.
So, in short term (next 2-3 days), I expect the price will be down further to 1616. It's weekly support.
Trade closed: target reached
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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.