During and post CPI, we saw the price of gold spike up towards 3366 to create a sell order block and quickly reversed to 3310 indicating weakening in bullish momentum. With all the geopolitical tensions easing up, XAUUSD price will respect the technical view. Currently, price seems to be printing a bearish flag pattern. We can expect sharp declines from XAUUSD next week.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.