Technical analysis of XAUUSD chart

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Flag Pattern: The chart showcases a well-formed flag pattern, a classic bearish continuation signal.

Target Projection: Using the height of the previous wave 3 of the flagpole, the pattern's target is forecasted to be around $2,553.

Fibonacci Levels: The price is at a level corresponding to the 0.618 Fibonacci retracement at $2,637, a strong bearish signal, with the next resistance near $2,647 (0.5 Fibonacci retracement).

Breakout Confirmation: A breakout from the flag will confirm the bearish momentum.

Trend Outlook: A macro bearish trend is indicated, supported by resistance rooted in fundamental factors...

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