FXEM - EMPIRE MARKETS - Company New Article

XAU/USD chart on the hourly time frame

Yesterday’s outlook suggested that maintaining above 3370 would keep the bullish outlook intact, with an expected test of 3385–3395 — which was indeed achieved.

• Gold strongly broke above 3390 and reached the 3430 area.
• There are signs of slowing momentum now at the upper edge of the ascending channel.
• MACD remains positive but shows signs of overbought conditions.

Expected Scenario:

• Continued holding above 3390 may lead to a test of 3450.
• A break below 3390 may trigger a correction toward 3340 and possibly 3315.

USTEC chart on the hourly time frame

• The index has clearly broken the key horizontal support at 21452.
• A double top pattern was previously formed and confirmed by the break.
• MACD is in negative territory, confirming bearish momentum.

Conclusion:

• Short-term trend remains bearish.
• The decline is likely to continue toward 21150 unless price reclaims levels above 21600.