If you are tracking XAUUSD this week, consider this technical perspective from a swing trader. The XAUUSD market is operationally sideways. On the daily time frame, price action is sideways but the technical prints in the last three days have been significantly bearish. Presently, price action is near the 1831.10 lower boundary of the horizontal channel (magenta) where the market has been operating for weeks. It will require a significant breakdown of the area for further bearish drive. Technically, we may see some bearish move in the early part of this week, at least to retest the 1831.10 lower boundary of the horizontal channel. This may be followed by some sideways of price action before any directional momentum. The 1796.50 area (sandybrown) is the next horizontal support.
I may be wrong. Trade safe and prosper.
KP
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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