XAUUSD Potential For Bearish Continuation

8 set 2022

On the H4, with prices below ichimoku cloud and descending trendline, we have a bearish bias. The sell entry could be at 1714.540, which is inline with the overlap support, if the price break the sell entry, we could expect to take profit at 1691.732, which is in line with the previous swing low, 78.6% and 100% fibonacci projection . Alternatively, the price may continue the pullback trend and break the descending trendline. The stop loss level could be at 1730.440 area, which is in line with the overlap resistance, 50 % and 38% fibonacci retracement , as well as 100% fibonacci projection.

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