XAU/USD mixed market sentiment

9 Jan

XAUUSD seems to be in a downtrend on the 1H chart, however on the daily timeframe it appears that a downtrend may be coming but has not yet been confirmed, I will be waiting to place any trades until a downtrend signal is confirmed then price pulling back. From this point the price could just turn around and the bulls could break the resistance at 2082.00 - 2100.00, but that does not seem likely since there was a multiple wick rejection at this level on the daily chart. So in short, I am expecting a downtrend after the news event comes out Jan 11th.

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