The XAUUSD failed to make a new higher high and instead made a new lower low after touching the upper line of the yearly channel and being rejected strongly for two days.
This indicates that the bullish trend has ended and a bearish trend has taken over.
The gold has returned to retest the key level of 1870, which is a challenging area to break through due to multiple trend lines, including a monthly trend line, two weekly trend lines, and the 38.20 Fib level.
It is probable that the price will temporarily rise to retest 1915.50 before ultimately heading down towards 1805
Follow My Telegram Channel for Up-to-Date Buy/Sell Signals Based on This Analysis “frx_experts”
-------------------------------------------------------------------------
Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
This indicates that the bullish trend has ended and a bearish trend has taken over.
The gold has returned to retest the key level of 1870, which is a challenging area to break through due to multiple trend lines, including a monthly trend line, two weekly trend lines, and the 38.20 Fib level.
It is probable that the price will temporarily rise to retest 1915.50 before ultimately heading down towards 1805
Follow My Telegram Channel for Up-to-Date Buy/Sell Signals Based on This Analysis “frx_experts”
-------------------------------------------------------------------------
Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
