XAUUSD Weekly Outlook

XAUUSD is still in a downtrend and has now pulled back to a previous weekly support level.

If the downtrend is still intact we would expect the market to begin selling off from this level.
However with the heavy bullish price action we’ve been seeing we will only go short if we see a very convincing sell signal.

If the market breaks above this level we will look for pullbacks to higher lows + buy signal to get long, as this would signify a trend reversal.