Fibonacci Retracement Analysis for 09.08.2021 (XAUUSD, USDCHF)
XAUUSD, "Gold vs US Dollar"
On today's D1, one cannot skip a deep decline of the quotations. They have broken through the previous low of 1676.78 but failed to reach 50.0% (1617.00) Fibo. Today the market is pulling back. The correction might take long but the next impulse of decline will be aimed at 61.8% (1510.50). Meanwhile, there is a convergence forming on the MACD, which might mean there is the last wave of the bearish phase developing.
On H1, gold is growing in a correction of the descending wave. It rose over 50.0% but failed to test 61.8% (1758.00) Fibo. It can still rise to 76.0% (1785.00), but a breakaway of this level and the fractal resistance of 1831.64 will signal a reversal of the medium-tefm trend. When the correction is over, the next goal of decline will head for the local low of 1638.76.
USDCHF, "US Dollar vs Swiss Franc"
On H1, gold is growing in a correction of the descending wave. It rose over 50.0% but failed to test 61.8% (1758.00) Fibo. It can still rise to 76.0% (1785.00), but a breakaway of this level and the fractal resistance of 1831.64 will signal a reversal of the medium-tefm trend. When the correction is over, the next goal of decline will head for the local low of 1638.76.
On H1, the ascending correction can be seen in detail. The growth is heading for 76.0% (0.9173) Fibo, while the resistance level is at the high of 0.9222. A breakaway of 0.9018 will signal the development of the downtrend.
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