XAUUSD Technical and Fundamental Analysis
On
the 4-HR chart, XAUUSD Price has tried to drop from its 1st
resistance level. On the daily chart, there is a high potential that a minor
bullish bias to around 1721 to 1733 (38% Fibonacci retracement) will be touched
before the actual bearish trend is triggered. The 4-Hour chart shows the price
currently at the 78% Fib Extension. In a few hours, the price might drop to the
1st Support zone around 1713. 32, which represents the 50% Fibonacci
retracement. If the XAUUSD price breaks the level, the second support area will
be around 1690. If the 1721 to 1731 area is breached, there is a high chance
that the 1740 area will be eminent. However, in the long term, XAUUSD is on a
bearish trend.
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Analyticdave XAUUSD Bias: Bearish Trend
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