XAUUSD Approaches Overhead Resistance

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the XAUUSD. Price has pulled back to the 38.2% retracement level of the previous impulse move down. This level coincides with a support turned resistance area (green shaded horizontal). The RSI(9) is under 50 which is on the bearish side of the indicator. We are now assessing if selling activity will increase. As such we continue to monitor.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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