XAUUSD (Short/medium term) Basic daily analysis.

OANDA:XAUUSD   Gold Spot / U.S. Dollar
1. We can see here via the RSI some bearish divergence on the daily, and as you know the higher the time frame the more weight the confluence holds.

2. We have gold forming this massive H&S style reversal structure.

3. Gold has also been in this large descending channel since Aug 2020. We saw a breakout attempt on the 20th of May 2021 at the third touch of the upper trendline, this failed to hold any weight and saw the price re-enter the channel.
Just look at the nature of how price broke out of the channel (very corrective) and the nature of how price broke back in (very impulsive).

I think gold is licky going to test the area I have marked between 1698 and 1663 resulting in a -5%/-7% pullback.


+1 Reply
A clear and wonderful analysis, I completely agree with your idea
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