Chart of the day

XAUUSD is being rejected from the strong resistance 2070 again. This is a retest of a previously broken rising wedge resistance.

A rejection here and a break below 2050 will confirm that we are in the second of the five downside waves. We need to see a clear confirmed break below 1992 for the short trade entry medium-term to be justified and to confirm that we have finished previously five waves higher in this sideways long-term consolidation.

Short-term short trades could be opened with a stop loss above 2090. Long trades should be opened only upon a confirmed break above 2090. I am inclined here to see a deeper pullback before anything else.