GOLD (XAU/USD): detailed breakdown. What is the next step?
As it can be clearly observed from the 3H timeframe graph, after breaking out of the ascending channel illustrated on the chart, the price has managed to re-test the area of the 0.618 Fibonacci retracement level and complete the break+retest pattern.
At the moment, the price is trading within the borders of the rectangular range portrayed on the graph. Considering the strength of the USD and the recent price development of GOLD, we are pretty positive that bearish impulses will continue from here on.
With the Stop Loss above the upper barrier of the consolidation box, we are entering short positions and aiming for the bottom of the ocean.
At the moment, the price is trading within the borders of the rectangular range portrayed on the graph. Considering the strength of the USD and the recent price development of GOLD, we are pretty positive that bearish impulses will continue from here on.
With the Stop Loss above the upper barrier of the consolidation box, we are entering short positions and aiming for the bottom of the ocean.
