XAU/USD is down 1.38% to 1,945.4 and is testing at the moment both 21 day SMA and 55 day EMA. Less than 20$ below there is the lower side of the bullish channel, which its test would be relevant for the current intermediate bullish set up.
The recent formation of lower highs could suggest that current trend is losing its momentum, but if a breakout above 1,990 would occur, the positive framework is likely to regain dominance.
