XAUUSD Daily Heading Towards Donwtrend
The below is the daily chart of the XAUUSD. The precious metal has charted a lower peak. If price declines below the previous trough (green horizontal) than a lower trough will have charted. I.e. a lower peak followed by a lower trough will be present, which is the classical definition of a downtrend as per peak and trough analysis. We note that the RSI(9) is below 50 and indicative of an underlying bearish momentum (blue rectangle). The longer the indicator stays below 50, the greater the likelihood that the lower trough will chart. We continue to monitor.
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