XAUUSD H4 | Market Outlook

- Gold prices edged higher on Thursday but remain below key resistance levels. The yellow metal was able to remain buoyed as the dollar dropped and the Euro rallied following the ECB decision. The key item was Lagarde arguing to the market that a decision to slow the pace of asset buying under the institution’s pandemic emergency program didn’t amount to tapering.

Technical View
- The main trend is up according to the daily swing chart. However, momentum has shifted to the downside. A trade through 1836 will signal a resumption of the uptrend. A move through 1781 will change the main trend to down.
- Short-term momentum has reversed and turned positive and generated a crossover buy signal. Medium-term momentum has turned negative!