XAUUSD
Over the past few days, we have been keeping a close eye on the price movement of a particular asset. Our analysis indicates that there has been a notable uptrend, which has been consistent and strong.
Upon closer inspection, we have noticed that the price has formed a period of consolidation between the 61.8 and 50 Fib levels.
Currently, the price seems to be following a downward channel, which could indicate the possibility of a bearish trend. If the price manages to break above the consolidation range, we can expect to see a bull flag pattern, which would indicate a continuation of the upward trend.
In the event that the current price fails to surpass the aforementioned level, there is a possibility of witnessing a retest of the 38.2 level on the Fibonacci scale. This retest would occur before a continuation of the upward trend.