XAUUSD Analysis – April 27, 2020.

Thoughts

XAUUSD represents the Gold versus the US Dollar. This pair has only recently hit a resistance around the 1735.2 region which led to the reversal of the uptrend downwardly on the 23rd of April.

Since then, the price has tried to break this level two other times resulting in the formation of a triple top pattern. The price has since turned downward, hitting support around the 1711.46 region. This led to a pullback with the price now back at the support.

Provided the price breaks downward past this support, we might see more movement until it reaches the next support around the 1696.00 region.

This pattern is further supported by a moving average crossover indicating a downward movement of price. With the RSI above the 30 level, the pair is primed and ready for some downward action.

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