After making its yearly high back in early March, we’ve seen XAUUSD make a few strong impulses down on the daily and weekly chart.
While the last three weeks have shown strong bearishness, the most recent weekly candle from May 2 to May 6 has almost more wick than body. With price just now breaching an obvious trendline we could see it soon showing important signs as what it wants to do from here. Does it respect the trendline and continue making new higher highs? Or is this latest push down the one that breaks this upwards trend dating all the way back to August of last year? CPI news during Thursdays New York session has it whipsawing right around this current trendline.
