Good Morning Traders! Upon analyzing Gold , I found a few different possible scenarios for future price movements. This sentiment aims toward Gold being Bearish. Currently gold is consolidating on the 1 HR time-frame. If price loses upward momentum, I expect a push towards the Consolidation Median.(Marked on chart) Gold failed the breakout of the 4 HR Newly found Resistance Level, which adds even more bearish confluence. I predict a fall towards the bottom of the Breakout Zone, then towards the 61% Fibonacci Level. ($1876.62) Price may stumble around $1882, so I marked on the chart as a key level.
Comment your ideas on XAUUSD below!
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