Hello Everyone,
It appears that on Wednesday, the market displayed a particular candlestick pattern, described as "paranormal," suggesting a potential continuation of a downward trend. Local support levels were identified at 1875 and 1872.58, and breaking below this zone could signal further bearish movement. However, it's essential to remain cautious, as market-makers may orchestrate a temporary rebound to increase liquidity. During this correction phase, price levels to watch include 1880, 1885 (emphasized), and 1890.
In addition to these technical aspects, it's crucial to consider the daily (D1) chart, where the price has breached the support of a symmetrical triangle. This indicates that the market is now realizing its built-up potential for movement. Furthermore, there are bullish news events for the DXY (US Dollar Index), which might put downward pressure on XAU (Gold) prices. The entry of XAU into a void in terms of significant support levels could expedite its descent, possibly targeting the 1800 level as the nearest significant support.
Given the current circumstances, there doesn't seem to be a strong case for buying at this moment. The medium-term outlook for the market appears poised for a decline. Therefore, it's advisable to closely monitor price developments and market news for potential trading opportunities.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
It appears that on Wednesday, the market displayed a particular candlestick pattern, described as "paranormal," suggesting a potential continuation of a downward trend. Local support levels were identified at 1875 and 1872.58, and breaking below this zone could signal further bearish movement. However, it's essential to remain cautious, as market-makers may orchestrate a temporary rebound to increase liquidity. During this correction phase, price levels to watch include 1880, 1885 (emphasized), and 1890.
In addition to these technical aspects, it's crucial to consider the daily (D1) chart, where the price has breached the support of a symmetrical triangle. This indicates that the market is now realizing its built-up potential for movement. Furthermore, there are bullish news events for the DXY (US Dollar Index), which might put downward pressure on XAU (Gold) prices. The entry of XAU into a void in terms of significant support levels could expedite its descent, possibly targeting the 1800 level as the nearest significant support.
Given the current circumstances, there doesn't seem to be a strong case for buying at this moment. The medium-term outlook for the market appears poised for a decline. Therefore, it's advisable to closely monitor price developments and market news for potential trading opportunities.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344