aleksandr_shirin

XAU - weekly chart overview.

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Not long ago I wrote a review of the chart in exactly this form. And now I want to return to it again and draw your attention to some important nuances. An ascending Fibonacci fan is plotted on the chart. It is obvious to the naked eye that the fan lines were clearly taken into account in the price behavior. It is also clear that the first and second were unable to become long-term support for the price. They were broken. As for the last, third line of the fan, it also runs a high risk of being broken. And there’s not much left before it. For now, I think that its breakdown could be the beginning of a very big downward movement. Now these are still very vague prerequisites. But at the current stage, I estimate the potential for a fall to the level of 1200. Please do not take this as a trading recommendation with the categorical expectation that the price will inevitably reach there. Such a long-term forecast requires many clarifications and adjustments based on current data, which has yet to appear.
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