XAUUSD See you at 2350 by friday?
For weeks now XAUUSD has been flying.
At the end of last week we had a BOS to the downside on the 4hr chart, not to mention the extremely bearish candlestick left on last weeks candle.
Since the open on this week, gold has been rising in a very lethargic manner without real energy. Which tells me another drop could potentially be near.
In the afternoon of the NY session today. We had a big reaction from 2432. This also coincides with 50% mark on daily fibo, and also tapped into a 4hour FVG left by the last drop on friday. We have had a BOS on the 1hr chart today and if XAUUSD breaks 2385, then 2350 would be my next target. Price action suggests that more movement to the downside can be expected.
My bearish view will be negated if price were to rise back above 2430.
At the end of last week we had a BOS to the downside on the 4hr chart, not to mention the extremely bearish candlestick left on last weeks candle.
Since the open on this week, gold has been rising in a very lethargic manner without real energy. Which tells me another drop could potentially be near.
In the afternoon of the NY session today. We had a big reaction from 2432. This also coincides with 50% mark on daily fibo, and also tapped into a 4hour FVG left by the last drop on friday. We have had a BOS on the 1hr chart today and if XAUUSD breaks 2385, then 2350 would be my next target. Price action suggests that more movement to the downside can be expected.
My bearish view will be negated if price were to rise back above 2430.
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