Wee 9 XAUUSD

We are currently at the top of a decending channel but still closely following that trend. This matches up with a key point (61.8%) in the Fibonacci sequence, suggesting that any upward movement is just temporary.

We've also just broken the 1-hour ascending channel, which could mean we're about to go down.

For more proof of this, we need to see if we drop below a certain point (2025), where specific moving average indicators (580-day EMA and SMA) are.

Another sign we might be heading down is that our daily Stochcastic indicator is overbought. However, the 4-hour indicator suggests a temporary retracement might happen, which could be a good chance to enter another sell.

My current sell trade is doing well, up by 100 pips. However, with every day high alert new what will affect the market, be careful and manage your risk well.