Hello guys, welcome to this analysis on XAU-EUR.
As you can see on the chart it appears like Gold has made a distribution pattern since April that got confirmed by a high volume markdown below 1523 last week.
The round arching formations above the 1520 level are usually an indication of weakness and distribution. This can be confirmed by the bearish divergence...
In the XAU/EUR chart above we can see the price making a corrective structure. I'm waiting for the price to retest the confluence level to go short.
This pullback is in line with pullback I'm expecting on XAUUSD to go short as well.