BCMel

Daily MACD points to some more downside to USDXAU

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
The Ichimoku Cloud indicators confirm the strong uptrend in gold , but the daily MACD contradicts this, at least in the short term.
The MACD bearish shift is supported by the same Ichimoko signals on the four and one-hour charts, with the green line crossing under the brown line (let's just put aside the actual Japanese names for those lines for the moment).
I'm not an Ichimoku expert by any means, so please feel free to correct or add information.
Note also the fast uptrend channel i.e. the latest trend channel (red), hasn't yet been broken.
Gold should at least test the top of the longer-term uptrend channel (purple).
There is also a vaguely head and shoulders top.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.