$xauusd threatening the weekly fractal support1

XAUUSD

"4 November:

Weekly chart (2):

We have the major fractals adjusted, with the monthly resistance now positioned at the previous highs at 1557, few points above the default projection for the cup and handle formation printed below, and the monthly support also adjusted at 1266, the handle.

Starting the week trying to recover the previous trendline resistance may not be a positive sign for the precious after printing new daily and weekly fractals as resistance at 1517.
The bearish crab pattern was printed last August at 1533, and only trading above the monthly fractal resistance will invalidate the pattern with default targets below, at 1391 - the 38% fib retracement."

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10 Nov:

Weekly chart (3):

Now threatening the weekly support positioned at 1459, we still waiting for the bearish crab pattern to trade the default targets projected at 1391 - the 38% fib retracement.

- Forexanalytix by André Cardoso

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