There has been a long bullish trend in Xau/Usd and the price is now at the moment in the weekly resistance zone and also soon at the top of the channel.
That means we could see a potential pullback to 1296 zone where the latest bullish push was, where the price also broke daily resistance that is also the reason why i possibly see the price dropping, cause when resistance has broken it should also be retested (of course not always)to see its holding.
However, to go short price action should show some exhaustion in this resistance zone. Tomorrows Gross Domestic Product, FOMC and Fridays NFP could increase Dollar strength and potentially start the selling phase this week.
Otherwise, if bulls successfully capture the zone price most likely will continue to 1350 without seeing much exhaustion on the way.
That means we could see a potential pullback to 1296 zone where the latest bullish push was, where the price also broke daily resistance that is also the reason why i possibly see the price dropping, cause when resistance has broken it should also be retested (of course not always)to see its holding.
However, to go short price action should show some exhaustion in this resistance zone. Tomorrows Gross Domestic Product, FOMC and Fridays NFP could increase Dollar strength and potentially start the selling phase this week.
Otherwise, if bulls successfully capture the zone price most likely will continue to 1350 without seeing much exhaustion on the way.