Nice idea on XAUUSD and there may be bearish bias as you have identified. For our set up, we have identified the key resistance and support levels. The 1st resistance that we have identified is at 1235.99, which lies just above your point 5. It is a horizontal overlap resistance, with 100% Fibonacci extension and 38.2% Fibonacci retracement. Stochastic is approaching is testing its resistance at 95% where a corresponding reversal could occur. If a corresponding reversal does occur, we may want to look at the 1210.47 support level, which lies below your point 4. It is a horizontal pullback support with 100% Fibonacci extension and 50% Fibonacci retracement. Looking forward to seeing how things develop.
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.