As I expected in my previous analysis, XAUUSD could not break the last resistance at 1958 and we saw a significant drop on XAUUSD.
Price broke the long-term ascending trend line sharply and dropped more than expectations. It could fix below the trend line.
Currently, in the 4H time frame, we see a bearish flag pattern which is broken to the downside. Price is resting now and is pulling back to the broken pattern.
Since price is facing a strong bearish pressure, and there is no barrier in its way, we expect more drop on XAUUSD towards the next support level at 1835.
What is your idea about XAUUSD? Feel free to share your ideas in the comments.
Price broke the long-term ascending trend line sharply and dropped more than expectations. It could fix below the trend line.
Currently, in the 4H time frame, we see a bearish flag pattern which is broken to the downside. Price is resting now and is pulling back to the broken pattern.
Since price is facing a strong bearish pressure, and there is no barrier in its way, we expect more drop on XAUUSD towards the next support level at 1835.
What is your idea about XAUUSD? Feel free to share your ideas in the comments.