As I expected a downside retrace for XAUUSD, we saw a sharp fall on price.
Currently, the 1830-1824 zone which was a key level and I expected a rise from that level, has been broken out to the downside and bearish candles closed below.
For now, If price closes candle below 1800, I expect more fall around 1775-1765 which is a strong daily and weekly support level.
As you see, there is a consolidation area between 1798-1765 where the bullish and bearish candles have been struggling before and finally it was broken to the upside and uptrend started.
So, I expect the price to revisit this zone again, but the key level for us is between 1775-1765 which can push the price to the upside and price may rise to 1910 and then 1950 this time.
Otherwise, If the 1765 level broken out to the downside, we can expect more fall to 1677.
Currently, the 1830-1824 zone which was a key level and I expected a rise from that level, has been broken out to the downside and bearish candles closed below.
For now, If price closes candle below 1800, I expect more fall around 1775-1765 which is a strong daily and weekly support level.
As you see, there is a consolidation area between 1798-1765 where the bullish and bearish candles have been struggling before and finally it was broken to the upside and uptrend started.
So, I expect the price to revisit this zone again, but the key level for us is between 1775-1765 which can push the price to the upside and price may rise to 1910 and then 1950 this time.
Otherwise, If the 1765 level broken out to the downside, we can expect more fall to 1677.
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