XAUUSD: Fast-Paced Action

XAUUSD, M30

On the M30, XAUUSD formed a descending channel pattern in the short-term decline after ATH. Price reached the upper trend line and tested significant resistance and MA50. At the same time, a divergence has formed on RSI.

• If Gold breaks the trend line and MA50 above 2660, the upside will be to 2670 and then to 2682;

• A rebound from the trendline will drop XAUUSD to 2645;