The XAUUSD daily chart shows the precious metal slipping back into its bearish area between the lower blue and red bands. The last candle is still active, and its close will be necessary regarding its relative position.
The hourly chart has bearish elements to it. The trend-following EMAs and the stochastic have crossed down (black ellipses). The S1 pivot is holding as support. However, the hourly stochastic is below 20 (blue arrow). If it keeps this area, the pivot will be under pressure.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.