XAUUSD - Weekly Trend

Please also refer to our monthly trend chart which shows what we're seeing in terms of the fractal.

Looking at this chart you can see we still have room to go lower. We're going to look more closely at the lower timeframes to get a clearer picture of where me may head over the rest of the month.

We’re due a technical retracement so the levels we’re looking at for reactions are on the chart. Bulls are being punished at the moment and we really don’t think its over yet.
There will be a lot of buyers now sweating with stop losses below around that 1670-60 level, would be the perfect ending for bears to then start going long. We’re expecting another liquidity grab from above and potentially another drop to lower levels.

Support:

1770
1756-50
1728-30

Resistance:

1795
1810
1821-25
1845-48

This is just an outlook and opinion, not a prediction of trade signal. Lets look at the daily on the next chart.

As always, trade safe.