XAUUSD fAKE OUT
Updated
Took some Profits on the the downside, then reversed on me. This level is the last line of defense if price will continue to the upside. The structure isn't favorable for buys as there are lower highs and lower lows. If this level fails to hold, then buys would no longer be an option. If price breaks below this level, we'll be looking for opportunities to take sells to the downside.
Comment
On the 4-hour chart for XAUUSD, the recent support level for Gold has been breached and is currently being retested. The charts show numerous wick rejections with no significant buying pressure. There is a potential for bearish continuation, but it's important to monitor the upcoming CPI news to avoid losses.
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