Analyzing the daily chart for XAU/USD, gold's downtrend remains in force as it continues to move below the ascending trendline originating from February. This emphasizes a growing bearish sentiment, especially with the presence of a descending trendline from April, which underscores the broader downward bias.
In the current scenario, the immediate obstacle is the 38.2% Fibonacci retracement level at 1903. A breakthrough above this level might pave the way for a reevaluation of the descending trendline, possibly reaffirming the bearish trend.
Alternatively, if the decline persists, attention shifts to the support zone around the midpoint of the Fibonacci retracement, which stands at 1848.
GOLD
SELL 1894 -1896🕯
✅ TP1: 1889
✅ TP2: 1882
⚠️ SL: 1904
In the current scenario, the immediate obstacle is the 38.2% Fibonacci retracement level at 1903. A breakthrough above this level might pave the way for a reevaluation of the descending trendline, possibly reaffirming the bearish trend.
Alternatively, if the decline persists, attention shifts to the support zone around the midpoint of the Fibonacci retracement, which stands at 1848.
GOLD
SELL 1894 -1896🕯 ✅ TP1: 1889
✅ TP2: 1882
⚠️ SL: 1904
