XAU/USD for Intraday Thursday 07 Jul 2022

Fibbo H1 still indicating north but rest of the indicators, chart patterns are more into south. A possible bear flag has formed and may activate at the start of the session. Provided price has gone further deep under the wall 1778-83 now bulls have last hope at 1723. So for the session a MRS is around 1738-43 but with a stop loss of 100 pips .i.e. above 1753. Rest of the large TFs are all in south position. For the sake of the retracement due, price has already made a recovery from 1732 to 1743 almost 100 pips, there are very low chances of further retracement.

Comment:

Do not forget all the news for USA economy came in green on Wednesday.