Gold confirms bearish trend continuation, breaking down from a consolidation pattern and testing key support levels.
Gold continued its descent today, breaking down from a consolidation pattern and dropping decisively below the lower trendline of the pattern. It is on track to close below the line today, which would confirm the breakdown and a continuation of the declining trend.
Today’s decline reached a low of 1,913, which has almost completed a 61.8% Fibonacci retracement. The Fibonacci level is at 1,91. Also, today potentially completes a measured move, where the current correction matches the prior correction. The current retracement off the 2,082-record high has been 8.1%, slightly exceeding the previous retracement of 7.9% started from the early-February swing high. Essentially, they are equal as of today. A bottom or bullish reversal can occur off the completion of a measured move. The fact that the 61.8% retracement also completed in the same price area, supports this scenario.
XAUUSD SELL LIMIT 1925 - 1927 💯💯
✅ TP1: 1920
✅ TP2: 1915
✅ TP3: 1910
🛑 SL: 1935
Gold continued its descent today, breaking down from a consolidation pattern and dropping decisively below the lower trendline of the pattern. It is on track to close below the line today, which would confirm the breakdown and a continuation of the declining trend.
Today’s decline reached a low of 1,913, which has almost completed a 61.8% Fibonacci retracement. The Fibonacci level is at 1,91. Also, today potentially completes a measured move, where the current correction matches the prior correction. The current retracement off the 2,082-record high has been 8.1%, slightly exceeding the previous retracement of 7.9% started from the early-February swing high. Essentially, they are equal as of today. A bottom or bullish reversal can occur off the completion of a measured move. The fact that the 61.8% retracement also completed in the same price area, supports this scenario.
XAUUSD SELL LIMIT 1925 - 1927 💯💯
✅ TP1: 1920
✅ TP2: 1915
✅ TP3: 1910
🛑 SL: 1935
