GOLD (XAUUSD) Price Action & Important Update!

hey guys,

this week gold just kept breaking supports, one after another, and on Friday sellers have reached a key daily level.

on 8H/4H chart we see a nice combination of two harmonic movements with a perfect match of their projected completion points.
moreover, we have a perfect fib.confluence of the last two bearish impulses.

based on that I believe that on Monday the price may retrace and reach at least 1700 level, the first strong structure resistance.


However, the situation is completely different from a daily chart perspective:
the price has set a lower high and it looks like it is a now bears' turn to try to break a key level.

next week on our radar will be 1680 daily support. after a pullback from it look for a breakout attempt with a daily candle close below structure as a confirmation.
if this condition is met, the price will drop lower and the before mentioned support will turn to resistance.

good luck!

Trade closed: target reached:

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