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XAU/USD Potential Downward Movement

XAU/USD Long-Term Trend: Bearish

Key Resistance Levels: 1866.622, 1891.698, 1912.657.

Key Support Levels: 1832.938, 1797.757, 1782.038.

Daily Chart:

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

1-Hr Chart:

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.

Signal Idea:

Sell Limit Order @ 1864.104

TP 1 @ 1834.202

TP 2 @ 1832.938

Stop Loss @ 1878.915

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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