25-5-2020 - Monday Analysis - H4 Gold - Consolidation

OANDA:XAUUSD   Gold Spot / U.S. Dollar
On Monday's Open, Price has rejected the Descending trendline and continue to drop towards 1720 Level where it found new presence of Buyer. However, the EMA 14 has crossover to the downside indicating a potential Bearish Tideshift if price managed to form a new LL show continued sign of bearish momentum.

As of now, I'll wait for price to form clearer price action before deciding to look for a setup on this pair.
Overall my bias is still Bullish atm. However I still believe that price has more room to go on the downside before it continue to push higher.

Bias = Bullish
Structure = Consolidation, potential Falling Wedge formation
Setup = Yes, 4H MSB 62 Bounce


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