XAUUSD: Continuing selling strategy

Hello dear friends, let's explore the price of XAUUSD after the significant fluctuations yesterday!

Regarding the developments and news outcomes: Gold is currently trading at $2,253 per ounce, with a 0.09% increase for the day. Overall, the volume is still decreasing. The upward trend has paused after a strong surge.

Looking ahead: Many central banks have signaled a potential interest rate cut. This further increases the demand for precious metals as a hedge against economic uncertainties and market fluctuations.

Regarding the new prospects for XAUUSD: The 1-hour setup reveals the market's potential peak, and the price could react significantly as mentioned in yesterday's analysis. Specifically, on the 1-day chart, the trend seems to be transitioning into a consolidation and correction phase, especially as the RSI indicator and candlestick patterns show divergence, indicating declining buying pressure.


Therefore, it would be reasonable to expect a correction after the price increase. The trend may continue from these support levels.

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Comment:

Comment:

Broadly, history suggests higher Gold prices are usually associated with a softer tone in the USD so Gold strength and a firm USD look a little odd; something may have to give.