XAUUSD Potential for Bearish Drop | 12th August 2022

On the H4, with prices breaking the ascending trendline and MACD histograms are expanding below zero axis, we have a bearish bias that the price may drop from the sell entry at 1782.660, which is in line with the overlap support and 23.6% fibonacci retracement to the take profit at 1759.795, which is in line with the overlap support and 38.2% fibonacci retracement . Alternatively, the price may rise back to the ascending channel and rise to the stop loss at 1807.511, which is in line with the swing high.

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