Sentiment : 1650 1640
The pair XAU/USD has validated yesterday the breakout of 1640 points and is back into its bearish channel (purple lines). The pair is still moving below the lower band of its long term bullish channel. Indicators are globaly bearish. We maintain to trade only short positions as far as 1640 points is resistance. The breakout of 1630 and 1620 will both give a new sell signal and open the way towards 1600 points. In case of return above 1640 points, we will wait the breakout of 1650 to advise long positions.
Chart of the pair XAU/USD (Gold)- Timeframe 4H - Zoom in :
Chart of the pair XAU/USD (Gold)- Timeframe 4H - Zoom out: