XAU/USD has formed a double top! if 1525 and 1530 hold then the weekly support of 1450 will be hit long term. Yield curve and U.S. market has caused price to fluctuate but the bank's are still gold fixing at a lower rate. China has purposed restrictions on gold imports, thus, a need for more banks and institutions to buy more gold. Institutions will not buy at a premium and price should hit 1450, and then long term 1540.
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Support as potentially broken! we have set TP at 1490 for a secure profit.
It will retrace a bit more before continuing downward.
Yorum
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XAU has broken resistance on the higher time frame. XAU should come down now