Is This Top of the XAUUSD?

XAUUSD CHART PRICE – XAUUSD 4H

XAUUSD has been rising since July 20th. As can be seen, it goes directly to 1980. Gold price always influences the Forex market, also, it could reveal how panic people are to the economy. 

Now let’s back to the question, is this the end of rising?

It could be, for now. 

A rising wedge forms, which means the price may go down soon. It seems like the Gold price it tired and does not have enough power to go up. So, according to the rising wedge, the price could go down to 1899.14, which is also 0.5 retracement level for Fibonacci. 

The MACD lines show us the same direction, which is bearish. And RSI is also telling us that the same story, the price is going down from the overbought area. 

Let’s expect the bearish now. 

This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.