XAUUSD Still nothing bullish about it yet.

Gold (XAUUSD) broke below the 1D MA200 (orange trend-line) for the first time since December 19 2022 and that of course didn't do any favors to the bullish cause. The trend remains bearish within a Channel Down since the May 04 2023 High and the technical outlook gets even worse as the 1D MA50 (blue trend-line) is on course to forming a 1D Death Cross below the 1D MA200, projected at the end of the month (would be the first such pattern since July 04 2022).

As a result we expect the price to remain under pressure and eventually test the 1W MA100 (yellow trend-line) within 1860 - 1850, regardless of a potential decline on the DXY (green trend-line) which was unable to lift Gold as we saw in June.

The bullish trend will re-emerge only if the price breaks above the Channel Down and more specifically, the 0.618 Fibonacci retracement level from the bottom at that given time.

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