XAU/USD Long-Term Trend: Bearish
Key Resistance Levels: 1866.622, 1891.698, 1912.657.
Key Support Levels: 1832.938, 1797.757, 1782.038.
The price on the higher time frame failed to break the strong resistance zone around the 1866.622 USD mark where a huge bodied bearish body left along with a long wick to the upside showing that the sellers are in control of the market. We expect a reversal and a move to the downside in the coming hours.
XAU/USD Medium-Term Trend: Bearish
On the lower time frame, the price managed to break the ascending triangle to the downside where a correction is about to be posted near the 50.00 % Fibonacci retracement level. This will lead to more sellers to join and push back the price to the downside toward the target profits.
Sell Limit Order @ 1864.104
TP 1 @ 1834.202
TP 2 @ 1832.938
Stop Loss @ 1878.915
Trade Safely 🙂