My little views and review on XAUUSD

FX:XAUUSD   Gold/U.S. Dollar
132 0 4
4 months ago
This is my view on gold             for the next several days on 1H chart. Last week, we broke the small uptrend level(see blue line), and people saying we may find a top in here and start to move down, or say adjust, and it did until we met NFP. The NFP data was surprisingly good and we all expect a huge leg down, and it did as well. But, it was more like a massacre from those retail traders or institutional traders, wipe up, wipe down, and it ends up a bull broke out of the small downtrend channel (pink channel on chart). Either the NFP data was priced in since the start of he downtrend? or EUR or GBP investors shifted more on gold             . Anyway, on smaller scale, we may finished a small 5 waves down, and we may see ABC adjustment now.

For now, I feel like gold             still have some space up, but on the 1D chart, it's a bit of overbought on RSI , we may see the adjustment downtrend soon, maybe