Hello Traders
Last week, USD got gains with NFP and unemployment results.
Also, sentiment around the USD is still bullish so we believe USD is shining even more in the next weeks.
So here is why we are bearish on XAU/USD:
1- RSI and Stochastic are declining (4hr TF).
2- Price made a lower high in lower TFs.
3- Also a small triangle has been broken on top of the channel.
4- Still the price is moving inside of a big downward channel.
5- No local higher high indicates that bearish momentum will continue.
if bearish momentum continues, the price may reach 1550$ or even lower.
Targets have been shown in the chart.
If you like it then Support us by Like, Following and Sharing.
Thanks For Reading
Team Fortuna
-RC
(Disclaimer: Published ideas and other Contents on this page are for educational purposes and do not include a financial recommendation. Trading is Risky, so before any action do your own research.)
Last week, USD got gains with NFP and unemployment results.
Also, sentiment around the USD is still bullish so we believe USD is shining even more in the next weeks.
So here is why we are bearish on XAU/USD:
1- RSI and Stochastic are declining (4hr TF).
2- Price made a lower high in lower TFs.
3- Also a small triangle has been broken on top of the channel.
4- Still the price is moving inside of a big downward channel.
5- No local higher high indicates that bearish momentum will continue.
if bearish momentum continues, the price may reach 1550$ or even lower.
Targets have been shown in the chart.
If you like it then Support us by Like, Following and Sharing.
Thanks For Reading
Team Fortuna
-RC
(Disclaimer: Published ideas and other Contents on this page are for educational purposes and do not include a financial recommendation. Trading is Risky, so before any action do your own research.)