XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame has turned bearish after a bullish correction to retest the broken down 1825.32/1793.16 former horizontal support (red) flipping it as resistance. Further southward move may see a retest the 1725.17 near-term horizontal support (blue), which may later expose the 1682.35 long-term horizontal support (green).
XAUUSD price action on the daily time frame is in a bearish mode within a bearish technical structure. Any bullish move would be corrective in nature, which may be a good opportunity for a bearish fading trade.
XAUUSD price action on the H4 time frame is in a bearish mode. Although we may see some bullish corrective move, the dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
KP
XAUUSD market operation on the weekly time frame has turned bearish after a bullish correction to retest the broken down 1825.32/1793.16 former horizontal support (red) flipping it as resistance. Further southward move may see a retest the 1725.17 near-term horizontal support (blue), which may later expose the 1682.35 long-term horizontal support (green).
XAUUSD price action on the daily time frame is in a bearish mode within a bearish technical structure. Any bullish move would be corrective in nature, which may be a good opportunity for a bearish fading trade.
XAUUSD price action on the H4 time frame is in a bearish mode. Although we may see some bullish corrective move, the dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money