XAUUSD Potential for Bearish Continuation| 31st August 2022
On the H4, with prices below ichimoku cloud and moving within the descending channel, we have a bearish bias that the price may drop to the sell entry at 1720.067, where the overlap support is. If the price can break this sell entry, we can expect the take profit at 1703.556, where the swing low and 100% fibonacci projection are. Alternatively, the price may rise to the stop loss at 1740.662, where the swing highs and 23.65% fibonacci retracement are.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
