XAU/USD Charting Potential Bearish Candle On Weekly
The below is the weekly chart of the XAUUSD. Last week’s candle may be a bearish reference candle (blue arrow). I.e. a candle with a lower high to either side of it. If this week’s candle closes below last week’s low (green horizontal) this will give weight to the bearish reference candle scenario. We also note that the RSI(9) is below 50 and indicative of a bearish momentum (blue rectangle). The longer it stays below 50 the greater the chance that the bearish reference candle scenario will play out.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
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