XAUUSD Weekly Technical Outlook
The XAUUSD market operation on the monthly time frame is bearish. Not only did the bullish market drive in January produce further all-time highs, but it also resulted in more than 13000 pips of market operation within the month, the longest in years. However, there was a strong bearish pushback and the candlestick closed with a long upper wick.
The XAUUSD market operation on the weekly time frame is experiencing a decline in bullish momentum. Two weeks ago, the market operation printed a moderate bullish candlestick. But last week the northward market operation was strongly resisted by a relatively strong bearish pushback, and this resulted in the printing of a long bearish pinbar that closed at the 4893.59 area. Technically, this indicates that a southward rotation is in the offing.
The XAUUSD price action on the daily time frame has assumed a bearish mode. However, the overall market environment is still sideways. On Friday, the price action printed a relatively big bearish candlestick, but it has a prominent tail and closed at the 4893.59 area. We may see northward liquidity sweep to an area of market imbalance or an intra-day area of interest before further southward drive of price action.
I may be wrong. Trade safe and prosper.
KP
The XAUUSD market operation on the monthly time frame is bearish. Not only did the bullish market drive in January produce further all-time highs, but it also resulted in more than 13000 pips of market operation within the month, the longest in years. However, there was a strong bearish pushback and the candlestick closed with a long upper wick.
The XAUUSD market operation on the weekly time frame is experiencing a decline in bullish momentum. Two weeks ago, the market operation printed a moderate bullish candlestick. But last week the northward market operation was strongly resisted by a relatively strong bearish pushback, and this resulted in the printing of a long bearish pinbar that closed at the 4893.59 area. Technically, this indicates that a southward rotation is in the offing.
The XAUUSD price action on the daily time frame has assumed a bearish mode. However, the overall market environment is still sideways. On Friday, the price action printed a relatively big bearish candlestick, but it has a prominent tail and closed at the 4893.59 area. We may see northward liquidity sweep to an area of market imbalance or an intra-day area of interest before further southward drive of price action.
I may be wrong. Trade safe and prosper.
KP
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