XAUUSD Gold Direction for Next Week
Gold initially came from 1,763, went down to 1,695 and did a retracement from the bottom. Therefore, currently its a retrace from the bottom which tested 1,735 exactly at the Fib level of 61% retracement and its not an indication of up trend at all. I believe that gold did a retracement up to the Fib level and then will head right back down. Immediate target for Monday is 1,710 which is Fib level of 23% on that area in the absence of any catalyst, Gold will dive downward in a prolonged fashion. Therefore, I am very Bearish on Gold . Also supported by the MA 200, 100, and 55 . If Gold breaks MA 200 on 4H then thats another Bearish confirmation and completion of recent Retracement from the bottom.
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