The rebound couldn’t even hold above the 4-hour Bollinger midline; it came under pressure and quickly pulled back as soon as it touched it.
On the charts, XAUT’s hourly highs have continued to move lower. Bulls have made several attempts to break through resistance, but all have come to nothing. Not only has the rebound failed to gain ground, but the short-term moving averages have also turned down, directly adding to the pressure.
The market sentiment makes this even clearer: the long/short sentiment indicator has slipped to -2.0%, with bears in control. After repeated failures at resistance and mounting pressure from the moving averages, don’t mistake this weak, fading recovery for a trend reversal.
#XAUT
👇
On the charts, XAUT’s hourly highs have continued to move lower. Bulls have made several attempts to break through resistance, but all have come to nothing. Not only has the rebound failed to gain ground, but the short-term moving averages have also turned down, directly adding to the pressure.
The market sentiment makes this even clearer: the long/short sentiment indicator has slipped to -2.0%, with bears in control. After repeated failures at resistance and mounting pressure from the moving averages, don’t mistake this weak, fading recovery for a trend reversal.
#XAUT
👇