XAUUSD Fundamental Analysis
Important News to Consider
- U.S session: Fed officials remained hawkish
- Banks continue to play hawkish
- The 10-year U.S Bond broke the 3.1% mark
Following
the above issues, XAUUSD continues to be under pressure. On the daily, 4-Hour, and 1-Hour Charts,
XAUUSD has maintained a descending channel. Once the support at 1713 zone is
broken, the next area of concern will be around 1699. 369 and finally 1684.41.
The first support represents a 78.6% Fibonacci which after being neutralized
will open more opportunity for downward. However, in the coming hours before
the New York session opens, there is a potential that a fake bullish momentum
might be experienced that will reach to the area around 1736.40 (23.6%
Fibonacci). The move does not mean that a bullish trend is activated, rather it
will act as an opportunity to catch stop losses while holding retail traders’
hostage for the next few days, if not weeks. Overall, a predictive projection
of 100% Fibonacci will be satisfied once we go below 1791.
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