Hey Everyone,
This is the weekly chart we have been tracking for a few months now. This chart played out perfectly so far completing the full range of targets.
We are now seeing price respecting and bouncing between 1928 and 1986. We will need to see 1986 AXIS LEVEL break with either a candle body close or ema5 to confirm a breakout above into the final AXIS...
XAUUSD has enjoyed trading above the 1700 figure for a considerable amount of time. I anticipate price will move back into the 1500's.
Price has similar price action.
The daily moving averages remain in a bearish cross.
Commercial shorts on gold futures are aimed to weigh the precious metal down, as manufacturers look for cheaper gold prices.
