FXCM

XAUUSD facing bearish pressure, potential downside

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Price currently approaching the sell entry at 1808.590 which is in one with the horizontal overlap support, 61.8% Fibonacci retracement , and the 61.8% Fibonacci extension . Should price cross this level, we can expect a plunge towards the take profit at the horizontal overlap support in line with the 50% Fibonacci retracement and the 100% Fibonacci support. Our bearish bias is further supported by how price is currently holding below the EMA .

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