OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold is at important uptrend line again. This uptrend line has formed since the low of 2018 until now. This trend line should provide strong support for gold as it did in the past.
Therefore if gold manages to break down under this important trend line , this will create a huge damage to the technical side. Thus it can signal that the uptrend will be over and gold will go into a bearish camp for the medium term. However, if gold manages to hold this important trend line , bulls will come back to push price up as it might signal that bears are exhausted to break this one down.

It is important to watch the price action here before committing to a trade. Please note we might have hidden bearish divergences on MACD and RSI indicators, which means that the recent upswing to 1300 was just a correction before price attempts to break lower under 1267. Thus, the bears have a technical advantage here and price would likely to go down further, at least test the double bottom at 1267.

Comment: Gold held trendline and poped up


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