CFDs on Gold (US$ / OZ)
Short

GOLD (XAUUSD): Signals Of Slowing Momentum?!

422
Analyzing the 4-hour time frame, there are indications that the bullish momentum is slowing down. Following a strong upward movement earlier in the week, the price is now slowing down within a rising wedge pattern.

The price reached 2531 before stabilizing and forming a cup and handle pattern on the hourly chart. Today, there is some retracement in the market.

The release of the FOMC meeting minutes could have a negative impact on the market. A break below the support of the wedge and the neckline of the chart pattern could confirm a correctional phase.

However, I do not advise selling at this point as it is too risky.

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