XAUUSDHello dear traders.
Gold has given mixed signals. In my opinion it is still under bearish pressure but with lack of strong downtrend momentum right now.
10Y and 30Y yields and DXY are green, so this has already pushed prices down fomr the multiple times checked 1670 level. 1670 was great for 50 pips sell.
On the other hand there is the 4H ascending trendline and at the moment while price lies at the support. It could easily bounce back up.
But, my blue arrows indicate a weakness to form higher highs. In conjuction with long spike bullish candles, I see that insitutions have not initiated their real direction.
They do scalp and they do close their profits in a short period of time.
We can go long from 1660 to 1668-1670 with SL below the last support or we may enter long even better after the break & retest of the resistance level.
Try to avoid trading during today's high impact news of USA. Keep an eye of this data to be released, in order to decide which will be the most logical direction.
Otherwise,
If the support is broken, we go short accordingly.
GL!!
