For education purpose only.
XAUUSD has hit major support level last week in weekly chart. Though the last week market seems Bearish, it can be interpreted that, it is another manipulation drive by Market Makers to induce Retail Traders in Sell direction, whereas the Market will make a U turn towards Long or Sideways, at least for this week. Following classes of information may be layered to arrive at this conclusion.
1. Weekly XAUUSD chart hit a double intersection of lines at the bottom, as shown in the chart
2. Price not closing below the nearest low candles at the same bottom level
3. Divergence of price w.r.to RSI
Interpretation: Go Long
Buy: 1675.5 (Now)
Target: 1697
Stop Loss: 1650