On the daily timeframe, XAUUSD is seen continuing to move above the kumo cloud after successfully breaking through resistance line 1 in August. Although the pair failed to break resistance line 2, its position still above the kumo indicates that the bullish momentum remains quite strong. However, it is worth noting that the chart on the stochastic indicator is showing a decline, which indicates saturation due to being overbought in the previous sessions. This could be an early sign of a trend reversal, although the bullish pressure has not completely disappeared. Traders should pay attention to other indicators before making further decisions.
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