FX:XAUUSD Gold / U.S. Dollar
After the breakdown of the low of the multiple bars pattern on #Gold which we covered on Wednesday the price declined sharply, shortly after the breakdown. The width of the continues to expand, and the (ATR) indicator is showing the highest in the last few months. The trend is down as price remains below the 200 period moving average and the Tenken-sen continue to stay below the Kijun-sen. The indicator is also supporting this decline as is the , but the could revert back slightly after such an extensive downside movement. The breakdown of the low of the pattern could still provide some selling opportunities in today's New York session. On the flip side, the indicator, ( ) and ( ) are showing the price is currently extremely oversold which could potentially cause the price to bounce or pause before proceeding lower. Sellers could take profits as it's Friday today and with the extreme oversold condition, it's likely there will be a short bounce before the price continues its downside movement.