Hello Guys, the price of XAUUSD last week was closed at the strong demand zone around 1638.660 - 1644.385. if we use the Fibonacci retracement we can know that demand zone is in 0.6 level fibonacci which one of the golden level of fibonacci retracement, it is mean the retracement action for the price move higher from that level is still possible.
Regarding the chart before we can see that the price made the bearish impulsive, so based on Impulseive and corrective stucture, we see that the price will make the corrective structure to retest the supply area above around 1655.461 - 1657.378.
Regarding the chart before we can see that the price made the bearish impulsive, so based on Impulseive and corrective stucture, we see that the price will make the corrective structure to retest the supply area above around 1655.461 - 1657.378.