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. Price is holding below the descending trendline resistance and MACD is holding below the 0 line, showing signs of bearish pressure. We could potentially see a reversal at sell entry level, in line with 38.2% Fibonacci retracement and descending trendline resistance, and further downside towards our take profit level, which is in line with -61.8% Fibonacci retracement and horizontal pullback support.
FX.co ★ Daily Video Analysis: XAUUSD facing bearish pressure, potential for further downside!
Daily Video Analysis: XAUUSD facing bearish pressure, potential for further downside!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade