Hi Traders,
The 4-hour chart of XAUUSD shows a bearish reversal from a key resistance level at 1346.80 that broke below a support zone.
.
Currently, the price is retesting the swing level that lined up with Fibonacci ratio and moving averages in wave (iv) of A.
.
Considering that the price has reached a critical confluence area and the corrective zigzag pattern is almost completed, the odds strongly favored a sell-off below 1280.63 from near current levels.
.
As always, we will wait for the breakout of the blue CTL to confirm the sell setup.
.
Thanks for reading
Veejahbee.
The 4-hour chart of XAUUSD shows a bearish reversal from a key resistance level at 1346.80 that broke below a support zone.
.
Currently, the price is retesting the swing level that lined up with Fibonacci ratio and moving averages in wave (iv) of A.
.
Considering that the price has reached a critical confluence area and the corrective zigzag pattern is almost completed, the odds strongly favored a sell-off below 1280.63 from near current levels.
.
As always, we will wait for the breakout of the blue CTL to confirm the sell setup.
.
Thanks for reading
Veejahbee.