In yesterday's post, I mentioned my expectation for the price of 
XAUUSD to continue its descent and test the year's lows around the 2005 zone. After an initial drop from the 2030 resistance, as anticipated, Gold broke above this level and reached a high of 2038.
Currently, my trade is experiencing a 30-pip loss, and despite being above the interim resistance levels at the time of writing, I maintain my bearish outlook and anticipate the price to retrace back below 2030. Technically, based on the chart analysis, 2030 now acts as confluence support.
My target zone remains around 2000, with potential expansion down to 1980.
Negation of this bearish scenario would occur with a daily close above the 2040 zone.
XAUUSD to continue its descent and test the year's lows around the 2005 zone. After an initial drop from the 2030 resistance, as anticipated, Gold broke above this level and reached a high of 2038.Currently, my trade is experiencing a 30-pip loss, and despite being above the interim resistance levels at the time of writing, I maintain my bearish outlook and anticipate the price to retrace back below 2030. Technically, based on the chart analysis, 2030 now acts as confluence support.
My target zone remains around 2000, with potential expansion down to 1980.
Negation of this bearish scenario would occur with a daily close above the 2040 zone.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.