GOLD (XAUUSD) Price Action & Important Update!
Updated
hey guys,
this week gold just kept breaking supports, one after another, and on Friday sellers have reached a key daily level.
on 8H/4H chart we see a nice combination of two harmonic movements with a perfect match of their projected completion points.
moreover, we have a perfect fib.confluence of the last two bearish impulses.
based on that I believe that on Monday the price may retrace and reach at least 1700 level, the first strong structure resistance.
However, the situation is completely different from a daily chart perspective:
the price has set a lower high and it looks like it is a now bears' turn to try to break a key level.
next week on our radar will be 1680 daily support. after a pullback from it look for a breakout attempt with a daily candle close below structure as a confirmation.
if this condition is met, the price will drop lower and the before mentioned support will turn to resistance.
good luck!
Trade closed: target reached
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