XAUUSD Potential for Bearish Momentum | 26th October 2022

26 Eki 2022

On H4, with the price moving within the descending channel and below ichimoku cloud , we have a bearish bias that the price may drop from the sell entry at 1663.465, where the overlap resistance and 38.2% fibonacci retracement are to the take profit at 1617.335, which is in line with the swing low support. Alternatively, the price may rise to the stop loss at 1680.870, which is around the 61.8% fibonacci retracement and previous swing low.

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