XAUUSD 4 HOUR CHART – CHINA STOPPED BUYING
As can be seen on this chart, XAUUSD tumbled afer news reports that China’s central bank didn’t buy any gold in May, ending a massive gold buying spree that had run for 18 months after the precious metal surged to a record high.
This leaves the market in a quandry after the breakout to the upside saw a quick retreat on the news.
For the risk to shift back to the downside and the 2314 bottom of the range, XAUUSD would need to stay below 2354.