FX.co ★ Daily Video Analysis: XAUUSD facing bearish pressure, potential for further drop!

Today we take a look at XAUUSD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. XAUUSD is facing bearish pressure as it continues to hold below the descending trendline resistance and Ichimoku cloud. We could potentially see a reversal at our sell entry level, which is in line with our 61.8% Fibonacci retracement, and further push down to our take profit level, in line with our horizontal swing low support.